During the previous trading session, the USD/JPY currency pair traded sideways around the 106.10 level. During Friday’s morning, some upside potential prevailed in the market.
It is unlikely, that bears could prevail in the market in the short term due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP and the monthly S3 in the 105.87/106.09 range.
The exchange rate could trade sideways between the given support cluster and the resistance level—the monthly S2 at 106.54. However, if the given resistance do not hold, the rate could reach the weekly R1 at 106.79.
