Yesterday, the USD/JPY currency pair jumped to the psychological level at 108.70. During Friday’s morning, the rate was trading at the given level.
From the one hand, the exchange rate could continue to extend gain in the nearest future. In this case, note, that the rate could test the resistance level formed by the weekly R2 and the monthly R1 located circa 108.90.
On the other hand, bears could prevail in the market in the short run, and the pair could reverse south. Note, that the rate could gain the support of the 55-, 100– and 200-hour SMAs, as well the Fibonacci 38.20% retracement and the weekly R1 in the 108.05/108.44 range.
