Yesterday, the USD/JPY currency pair traded sideways around the 108.50 level. During Thursday morning, the pair maintained its consolidation.
Note that the currency pair is pressured by the 55– and 100-hour moving averages, currently located circa 108.60. Thus, it is likely that some downside potential could prevail in the market. In this case the pair could gain support from the weekly S1 at 108.28.
If the given support holds, it is likely that the US Dollar could continue to trade sideways against the Japanese Yen within the following trading session. Also, it is unlikely that bulls could prevail, and the pair could exceed the weekly PP at 108.79.
