On Tuesday, the USD/JPY currency pair raised to the 109.90 level. During today’s morning, the pair skyrocketed to the weekly R2 at 110.41.
If the given level holds, it is likely that a reversal south could occur in the nearest future. In this case the exchange rate could target the weekly R1 located at the 110.10 mark.
On the other hand, the US Dollar could consolidate against the Japanese Yen in the 110.30 area within the following trading session. It is unlikely that bulls could continue to prevail, and the rate could exceed the Fibo 61.80% at 110.72.