USD / JPY
Yesterday, the USD / JPY currency pair tried to break the 108.00 level. As of Friday morning, the pair has passed the given mark.
It is likely that the exchange rate could gain support from the SMA at 55 and 100 hours, as well as Fibo 38.20% and trade higher in the short term. In this case, the rate could face the resistance formed by the weekly PP, the Fibo 23.60% and the SMA 200 hours in the zone 108.90 / 109.35.
If the given resistance cluster continues, it is likely that the US dollar may consolidate against the Japanese yen in the near future. In addition, bears are unlikely to prevail, and the pair could fall below the support area formed by the weekly PP, the monthly S1 and the Fibo 50.00% in the range 106.60 / 106, 85.