Yesterday, the USD/JPY currency pair tried to surpass the resistance level formed by the monthly R1 at 109.39. During Friday morning, the pair was trading near the given resistance.
It is likely that some upside potential could prevail in the market, as the exchange rate is supported by the 55-hour moving average at 109.08. In this case the rate would have to surpass the Fibonacci 50.00% retracement at 109.58.
On the other hand, the US Dollar could trade sideways against the Japanese Yen within the following trading session. Also, it is unlikely that bears could prevail, and the pair could drop lower than the Fibonacci 38.20% retracement at 108.44.
