Yesterday, the USD/JPY currency pair consolidated in the 108.80 area. During Thursday morning, the pair maintained its consolidation.
Note that the exchange rate could gain support from the 55– and 100-hour SMAs and trade upwards in the short term. In this case the rate would have to surpass the weekly R1 at 109.24.
If the given resistance level holds, it is likely that the US Dollar could consolidate against the Japanese Yen within the following trading session.
Also, it is unlikely that bears could prevail in the market, and the currency pair could decline below the Fibo 50.00% at 108.35.
