USD/JPY extended losses on Friday, driven by rather strong bearish momentum mid-session. It pushed the rate past the 55-, 100– and 200-hour SMAs down to the senior channel near 111.00.
This line is supported by the 200-period SMA on the 4H chart. Thus, it is likely that the given cluster allows the rate to accelerate and aim for the upper boundary of a junior channel circa 111.60 today. The 55– and 100-hour SMAs are also located there. A breakout from this level would pave the way for a test of 113.00 this week.
By and large, the pair is likely not to show big leaps today and consequently remain stranded in between the senior channel and the aforementioned hourly SMAs.
