The USD/JPY currency pair has revealed a short-term ascending channel.

From a theoretical perspective, it is likely that the exchange rate could continue to extend gains within the given channel in the nearest future. In this case the rate could face the monthly PP at 106.02.

Meanwhile, note that the currency pair is pressured by the 55-hour SMA near 105.40. Thus, a breakout south could occur, and the pair could re-test the support from the monthly S1, the Fibo 23.60% and the 200-hour SMA near 105.00.

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