On Wednesday, the USD/JPY currency pair tumbled to the 108.20 level. During Thursday’s reversed north from the lower boundary of the short-term ascending channel at 107.90.
It is unlikely, that some upside potential could prevail in the market due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP and the Fibo 38.20% in the 108.22/108.61 range.
Note, that the exchange rate is supported by the weekly S1 and the monthly PP at the 107.84 mark. Thus, it is likely, that the rate could trade sideways between the given support and the given resistance.