On Friday, the USD/JPY currency pair raised to the Fibo 61.80% at 109.83. During today’s morning, the pair was testing the support level—the monthly R2 at 109.43.
It is likely that the exchange rate could also gain support from the 55-hour SMA near 109.30. Thus, some upside potential could prevail in the market. In this case the rate could face the resistance formed by the weekly R1 and the monthly R3 in the 110.51/110.76 area.
Meanwhile, if the Fibo 61.80% holds, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
