During the previous trading session, the USD/JPY currency pair traded sideways between the weekly S1 and the Fibonacci 50.00% retracement, located 109.32 and 109.58 respectively.
Note, that the pair is trading near the upper boundary of the short-term descending channel, thus, from a theoretical point of view, it is likely, that a reversal south could occur in the short run.
Also, note, that the exchange rate is pressured by the 55– and 100-hour moving averages at 109.57, thus, from a technical perspective, it is unlikely, that a breakout north could occur in the nearest future.
