During the previous trading session, the USD/JPY currency pair traded sideways around the 55-hour moving average located at 108.17.
Note, that the pair is pressured by the 100-hour moving average, currently located at the 108.25 mark. Thus, if the given resistance holds, it is expected, that bears could prevail in the market in the short run. A possible downside target is the weekly S1 at 107.73.
On the other hand, the exchange rate could continue to trade sideways around the given moving averages. Also, it is unlikely, that some upside potential could prevail in the market due to the strong resistance level—the Fibonacci 38.20% retracement at 108.44.
