During the previous trading session, the USD/JPY currency pair reversed north from the lower boundary of the short-term ascending channel at 106.35. During Friday morning, the pair reached the 106.65 mark.
Note, that the exchange rate is supported by the 55– and 100-hour SMAs, currently located circa 106.50. Thus, it is likely, that bulls could prevail in the market in the short term. In this case, the rate could surpass the 106.80 level.
On the other hand, the pair could trade sideways along the monthly S2 at the 106.54 until the beginning of the next trading week. It is unlikely, that the rate could drop lower than the 106.31 mark due to the support of the 200-hour SMA.
