USD/JPY has been moving in a one-week ascending channel. The pair reversed from its upper boundary early on Wednesday and began depreciating in a gradual manner. This fall was not significant, as the Greenback was hindered near the 55– and 100-hour SMAs.
The former has worked effectively at supporting the pair on previous occasions; thus, it is likely that the pair continues to move higher in this session, as well. The nearest resistance is the weekly R1 and the 2018 high at 113.50; a move above this cluster is unlikely.
In case bears prevail in the market today and thus breach the 55– and 100-hour SMAs, the US Dollar would be pushed down to the monthly R2 at 112.35. This could point to the beginning of a few-day decline.
