Yesterday, the USD/JPY currency pair declined to the support level—the Fibo 38.20% at 108.44. During Wednesday morning, the pair was testing the given support.
From the one hand, the exchange rate could reverse north in the nearest future. In this case it is unlikely that the rate could exceed the weekly PP located at the 109.29 mark.
From the other hand, the currency pair could face the resistance level—the weekly S1 at 108.90. If the given resistance holds, the Greenback could consolidate against the Japanese Yen in the short term.
