Yesterday, the USD/JPY currency pair breached the rising wedge pattern south. During Wednesday morning, the pair was trading in the 108.90 area.
Note that the exchange rate is pressured by the 55-hour SMA near 109.00. Thus, some downside potential could prevail in the market. In this case the rate could gain support from the Fibo 50.00% at 108.35.
If the given support level holds, it is likely that the US Dollar could consolidate against the Japanese Yen in the nearest future. Otherwise, it is likely that currency pair could decline below 108.00.
