On Friday, the USD/JPY currency pair traded sideways between the 111.60 and 111.80 levels.
From a technical perspective, it is unlikely, that the pair could go upside, as it is pressured by the 55–, 100– and 200-hour SMAs located circa 111.80. Thus, it is expected, that the pair could target the psychological level at 111.40.
However, if the given resistance does not hold, it is likely, that the exchange rate could extend gains. A possible upside target is the psychological level at the 112.00 mark.
