During the previous trading session, the USD/JPY currency pair tried to surpass the resistance formed by the 200-hour SMA located at 108.34.
Given that the exchange rate is squeezed by the given resistance, as well the 55– and 100-hour SMAs, currently located circa 108.10, it is expected, that the rate could trade sideways in the short term.
It is unlikely, that bulls could prevail in the market in the nearest future, and the pair could jump higher than the 108.44 mark due to the resistance of the Fibonacci 38.20% retracement.
Also, it is unlikely, that the rate could tumble lower than the 107.90 mark due to the lower boundary of the short-term ascending channel.
