Yesterday, the USD/JPY currency pair tried to surpass the resistance formed by the 55– and 100-hour SMAs in the 109.85 area. During Friday morning, the pair continued to test the given resistance.
If the given moving averages hold, it is likely that the US Dollar could continue to trade sideways against the Japanese Yen in the short run.
However, note that the exchange rate could gain support of the 200-hour SMA and breach the given resistance. A possible upside target is the 110.00 level.
