At the end of last week, the USD/JPY currency pair traded sideways around the psychological level at 112.00.

Note, that the pair is trading near the upper boundary of the long-term descending channel at 112.15, thus, theoretically, it is unlikely, that some bullish momentum could prevail in the market.

On the one hand, the exchange rate could trade sideways around the given level, trying to breach the given channel.

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On the other hand, the rate could reverse south and step lower to the support level formed by the 55-hour SMA and the weekly PP at 111.66.

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