Yesterday, the USD/JPY currency pair reached the psychological level at 109.00. During Tuesday morning, the pair was testing the given level.
Note that the exchange rate is supported by the 55-, 100– and 200-hour moving averages, currently located in the 108.64/108.79. Thus, it is likely that bulls could prevail in the market. However, note that the rate would have to surpass the weekly R2 at 109.09.
If the given resistance holds, it is likely that the US Dollar could trade sideways against the Japanese Yen, supported by the weekly R1 at 108.88. Also, it is unlikely that bears could prevail, and the pair could decline lower than the weekly PP at 108.57
