Yesterday, the USD/JPY currency pair tried to exceed the 108.00 level. During Friday morning, the pair surpassed the given mark.
It is likely that the exchange rate could gain support from the 55– and 100-hour SMA, as well the Fibo 38.20% and trade upwards in the short run. In this case the rate could face the resistance formed by the weekly PP, the Fibo 23.60% and the 200-hour SMA in the 108.90/109.35 area.
If the given resistance cluster holds, it is likely that the US Dollar could consolidate against the Japanese Yen in the nearest future. Also, it is unlikely that bears could prevail, and the pair could drop below the support area formed by the weekly PP, the monthly S1 and the Fibo 50.00% in the 106.60/106.85 range
