Yesterday, the USD/JPY currency pair increased to the resistance level formed by the monthly S2 at 106.54. During Friday morning, the pair was testing the given resistance.
Given that the exchange rate is supported by the 55-, 100– and 200-hour moving averages, currently located in the 106.02/106.15, it is likely that some upside potential could prevail in the market. In this case the rate could target the Fibonacci 23.60% retracement at 107.02.
Otherwise, it is expected, that the pair could consolidate between the given support and resistance in the short run. If the given support does not hold, the rate could reverse south to the support level formed by the weekly PP and the monthly S2 at 105.87
