Yesterday, the USD/JPY currency pair surpassed the psychological level at 108.80. During Thursday morning, the pair declined to the 108.60 mark.
It is unlikely that bulls could prevail in the market, and the exchange rate could exceed the 109.00 mark due to the resistance formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
It is likely that the currency pair could continue to trade downwards within the following trading session. Note that the pair could gain support of the weekly S1 and the Fibonacci 38.20% retracement at 108.44.
