During the previous trading session, the USD/JPY currency pair dropped to the weekly S3 at 111.38 and reversed north.
On the one hand, the pair could trade sideways in the short term, as it is squeezed by the weekly S1 and S2, located at 111.78 and 111.57 respectively.
On the other hand, given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, bears could prevail in the market. A possible downside target is the weekly S3.
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It is unlikely, that the rate could jump higher than 111.97 due to the resistance of the given moving averages and the weekly PP.
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