Since Monday, the USD/JPY currency pair has been trading along the lower line of the short-term ascending channel.

From a theoretical perspective, it is likely that some upside potential could prevail in the market. In this case the exchange rate could face the resistance formed by the monthly PP and the weekly R1 in the 106.02/106.24 range.

Meanwhile, it is unlikely that bears could prevail in the market in the short term, and the currency pair could decline below the support range formed by the weekly PP, the monthly S1, the Fibo 23.60% and the 200-hour SMA in the 104.99/105.12 area.

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