USD/JPY Analysis: consolidates at 109.60

USD/JPY

During previous trading session, the USD/JPY currency pair consolidated at the 109.60 level. During Monday morning, the pair maintained its consolidation.

Note that the exchange rate is supported by the 55-hour moving average, currently located at 109.51. In this case the rate could exceed the psychological level at 110.00.

On the other hand, the US Dollar could continue to consolidate against the Japanese Yen within the following trading session.

Also, it is unlikely that bears could prevail, and the currency pair could decline below the 100-hour SMA, currently located at 109.09.

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