Upside momentum continues to drive the USD/JPY exchange rate for the fourth consecutive session. Being supported by the 55-hour SMA, the Greenback appreciated 88 pips until the psychological 111.00 mark where it was located this morning.
It seems that the bearish sentiment could prevail in the market today, thus sending the pair for another test of the 55-hour SMA near 110.50. In case this level is surpassed, the ultimate daily low should be the 110.00 area where the 100-hour SMA, the weekly R1 and the 61.80% Fibonacci retracement are located.
Conversely, further surge is restricted by the weekly R3 at 111.30. The Greenback could weaken against the Yen during the following trading sessions prior to picking up upside momentum once again.
