Yesterday, the USD/JPY currency pair tried to exceed the Fibo 38.20% at 108.44. During Tuesday morning, the pair was testing the given level.

Given that the exchange rate is supported by the 55-hour SMA near 108.10, it is likely that bulls could prevail in the market. Note that the rate would have to surpass the resistance cluster formed by the 100– and 200-hour SMAs, as well the Fibo 50.00% and the weekly PP in the 109.16/109.85 area.

However, if the Fibo 38.20% holds, it is likely that a reversal south could occur in the nearest future. In this case the currency pair could gain support from the Fibo 23.60% located at 107.02.

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