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Yesterday, the USD/JPY currency pair reached the psychological level at 108.70. During Thursday morning, the pair was testing the given level.

Note that the exchange rate is supported by the 55-, 100– and 200-hour moving averages, it is likely that some upside potential could prevail in the market. A possible upside target is the weekly R1 at 108.91.

However, if the given psychological level holds, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.

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