During previous trading session, the USD/JPY currency pair tried to surpass the psychological level at 108.75. During Monday morning, the pair continued to test the given level.
Note that the exchange rate is supported by the 55-, 100– and 200-hour moving averages, currently located circa 108.60. Thus, bulls could prevail in the market in the short run. The rate could target the weekly R1 located at the 108.88 mark.
On the other hand, the US Dollar could trade sideways against the Japanese Yen at the 108.75 mark in the nearest future. Also, it is unlikely that bears could prevail, and the pair could drop lower than the weekly PP at 108.57.
