The USD/JPY started to consolidate after reaching above the 108.50 level. Namely, the rate began to trade sideways between 108.00 and 108.50.
However, on Monday morning, the rate was making another attempt to surge. In the meantime, the resistance zone of 108.55/108.65 that caused the consolidation has been marked on the chart.
If the USD/JPY passes the resistance zone, the pair could reach first for the resistance of the 109.00 level and afterwards the weekly R1 simple pivot point at 109.23. On the other hand, in the case of the resistance holding, the pair could look for support in the 55-hour simple moving average, which was catching up with the rate.
