On Wednesday, the USD/JPY currency pair tested the short-term ascending channel. During today’s morning, the pair was trading at the 107.40 mark.

It is unlikely that some downside potential could prevail in the market in the short term due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 107.13/107.44 area.

The exchange rate could re-test the upper channel line located circa the 107.80 mark in the nearest future. If the given channel holds, the rate could consolidate. Otherwise, the rate could target the weekly R1 at 108.13.

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