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Since Thursday, the USD/JPY currency pair has been trading sideways at the 106.60 level.

Given that the exchange rate is supported by the 100-hour moving average at 108.60, it is likely that some upside potential could prevail in the market. In this case the rate could target the psychological level at 108.90.

On the other hand, the US Dollar, pressured by the 55-hour SMA, could continue to trade sideways against the Japanese Yen within the following trading session. It is unlikely that bears could prevail, and the rate could drop lower than the Fibo 38.20% at 108.44.

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