Yesterday, the USD/JPY currency pair tried to surpass the 111.00 level. During Friday morning, the pair was testing the support formed by the Fibo 50.00% at 109.58.
Note that the exchange rate is supported by the 55-hour SMA near 109.10. Thus, some upside potential could prevail in the market. In this case the rate could surpass the 111.50 level.
However, note that the currency pair would have to surpass the resistance formed by the monthly R1 and the Fibo 61.80% at 110.70. If the given level holds, it is likely that the pair could consolidate.
