During the previous trading session, the USD/JPY currency pair tried to surpass the resistance level formed by the 55-hour SMA at 108.65. During today’s morning, the pair was testing the ascending trend line at 108.55.
If the given trend line holds, it is expected, that the exchange rate could surpass the given resistance and the 100-hour SMA, currently located at 108.61. In this case, the rate could target the monthly R1 at 108.90.
If the given moving averages hold, it is likely, that a reversal south could occur within the following trading sessions. However, note, that the pair could face the support of the weekly PP and the Fibonacci 38.20% retracement at 108.44.
