Yesterday, the USD/JPY currency pair consolidated at the 110.00 level. During Wednesday morning, the pair continued to trade sideways.

Given that the exchange rate is supported by the 55– and 100-hour SMAs, it is likely that some upside potential could prevail. In this case the rate would have to surpass the resistance level formed by the weekly R1 and the monthly R2 at 100.25.

If the given resistance level holds, it is likely that the US Dollar could continue to consolidate against the Japanese Yen in the short run. On the other hand, the currency pair could decline to the monthly R1 at 109.47.

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