Yesterday, the USD/JPY currency pair raised to the resistance level formed by the monthly R2 and the weekly R1 at 100.25. During Tuesday morning, the pair was testing the given level.
If the given resistance holds, it is likely that a reversal south could occur in the nearest future. Note that the exchange rate could gain support of the 55-hour SMA at 109.76.
If the given support holds, it is likely that the US Dollar could consolidate against the Japanese Yen in the short run. Otherwise, the currency pair could decline to the monthly R1 at 109.47.
