Yesterday, the USD/JPY currency pair surpassed the weekly R3 at 109.07. During Friday morning, the pair tested the monthly R2 at 109.43.

It is likely that the exchange rate could gain support from the 55-hour SMA near 108.95 and extend gains in the short run. In this case the rate could face the resistance of the Fibo 61.80% at 109.83.

However, if the monthly R2 holds, it is likely that the US Dollar could consolidate against the Japanese Yen until the beginning of next week.

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Meanwhile, it is unlikely that bears could prevail, and the pair could decline below the Fibo 50.00% at 108.35.

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