Based on an optimal rate wavelet series representation, we derive a local modulus of continuity result with a refined almost sure upper bound for fractional Brownian motion. \sloppy The obtained upper bound of the small fractional Brownian increments is of order $\mathcal O_{a.s.}\big(|h|^H\sqrt{\log\log |h|^{-1}}\big)$ as $|h|\to0$, and an upper bound of its $p$th moment is provided, for any $p>0$. This result fills the gap of the law of iterated logarithm for fractional Brownian motion, where the moments' information of the random multiplier in the upper bound is missing. With this enhanced upper bound and some new results on the distribution of the maximum of fractional Brownian motion, we obtain a new and refined asymptotic estimate of the upper-tail probability for a fractional Brownian motion to first exit from a positive-valued barrier over time $T$, as $T\to+\infty$.