During the previous trading session, the USD/JPY currency pair tested the resistance level formed by a combination of the weekly and monthly R1s at 108.90.
Given that the exchange rate is supported by the 55-hour SMA, currently located at 108.75, it is likely, that bulls could prevail in the market. The pair could surpass the given resistance and target the weekly R2 at the 109.32 mark.
On the other hand, the rate could trade sideways around the given resistance level in the nearest future.
It is unlikely, that the pair could tumble lower than 108.44 mark due to the support of the 100-hour SMA and the Fibonacci 38.20% retracement.
