After hitting the upper channel line on Thursday, the US Dollar continued its bearish march against the Yen. The American currency fell as low as the 111.10 mark and has not since shows any signs of recovering. However, this sentiment may change in the nearest hours, taking into account that the pair is located in the oversold region. The downside limit may be the weekly S1 at 110.48, while the upper barrier could be formed either by the monthly PP at 110.39 or by an intersection of the 55- and 100-hour SMAs being located in the 111.60/80 territory. Thus, the lines of the senior channel down should be altered slightly in order to adjust to the movements of the price.
