During Friday, the USD/JPY currency pair surged to the upper boundary of the short-term descending channel located circa 108.07.
During today’s morning, the pair was testing the support cluster formed by the 55– and 100-hour SMAs, as well the weekly and monthly PP in the 107.72/107.91 range.
It is expected, that the exchange rate could surpass the given support and continue to decline, as it pressured by the 200-hour SMA, currently located at 108.07.
Otherwise, it is likely, that the rate could trade sideways between the given resistance and support in the short term.
