Yesterday, the USD/JPY currency pair consolidated at the 109.90 level. During Thursday morning, the pair continued to consolidate.
Note that the exchange rate is supported by the 55– and 100-hour SMAs, currently located circa 109.90. Thus, it is likely that some upside potential could prevail in the market.
Note that that the currency pair could face the resistance level formed by the weekly R1 and the monthly R2 at 110.25. If the given level holds, a reversal south could follow.
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