Yesterday, the USD/JPY currency pair skyrocketed to 108.80. During Wednesday morning, the pair was testing the given level.
It is likely that the exchange rate could gain support from the weekly R2 and the monthly R1 in the 108.60 area. Thus, some upside potential could prevail in the market.
Note that the currency pair could face the resistance level—the weekly R3 at 109.07. If the given level holds, it is likely that the US Dollar could consolidate against the Japanese Yen in the short run.
