During Monday, the USD/JPY currency pair skyrocketed to the resistance level formed by the weekly and monthly R1 at 108.91. During today’s morning, the pair was testing the given resistance.
From the one hand, it is expected, that the given level holds, and the exchange rate reverses south in the nearest future. It is unlikely, that the rate could drop lower than 108.44 due to the support of the 55-hour SMA and the Fibonacci 38.20% retracement.
On the other hand, the pair could surpass the given resistance and maintain its advance. Note, that in this the nearest possible resistance could be the weekly R2 at 109.32.
