Yesterday, the USD/JPY currency pair surged to the 108.20 level. During Tuesday morning, the pair was trading at the given level.
Given that the exchange rate is supported by the 55– and 100-hour SMAs, currently located circa 108.00, it is likely that bulls could prevail in the market in the short term. Important level to look out for is the Fibonacci 38.20% retracement at 108.44.
On the other hand, the Greenback could consolidate against the Japanese Yen at the given psychological level within the following trading session. It is unlikely that bears could prevail, and the pair could drop lower than the weekly PP at 107.73.