On Thursday, the USD/JPY currency pair skyrocketed to the monthly S2 at the 109.97 mark.

During Friday’s morning, the exchange rate was squeezed by 55-, 100– and 200-hour SMAs, currently located at 109.60 and 109.79 respectively. If the given moving averages hold, the pair could trade sideways.

From a technical point of view, it is unlikely, that the rate could go downwards, as it is supported by the Fibonacci 50.00% retracement and the lower boundary of the short-term channel located circa 109.50.

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