Yesterday, the US Dollar appreciated 0.67% against the Japanese Yen. During Wednesday morning, the USD/JPY currency pair traded sideways at the 108.20 level.
Note that the exchange rate is supported by the 55– and 100-hour SMAs, currently located circa 108.05. Thus, some upside potential could prevail in the market. Important level to look out for is the Fibo 38.20% at 108.44.
On the other hand, the Greenback could maintain its consolidation against the Japanese Yen within the following trading session. It is unlikely that bears could prevail, and the pair could drop lower than the weekly PP at 107.23.
