On Thursday, the USD/JPY currency pair consolidated in the 112.00 area. During today’s morning, the pair was trading at 111.80.
Note that the exchange rate could gain support of the 55-hour moving average, currently located near 111.50. Thus, some upside potential could prevail in the market. A possible upside target is the 112.50 level.
If the given support does not hold, the currency pair could go downwards within the following trading session. In this case it is unlikely that the pair could decline below the 100-hour SMA near 110.70.
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