Yesterday, the USD/JPY currency pair re-tested the lower boundary of the medium-term ascending channel at 108.20.

During today’s morning, the pair was testing the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP and the Fibo 38.20% in the 108.44/108.51 range.

If the given resistance does not hold, the exchange rate could extend gains and target the psychological level at 108.70.

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Otherwise, it is expected, that the rate could re-test the given channel. It is unlikely, that a breakout south could occur due to the support of the weekly S1 at 108.23.

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