Yesterday, the USD/JPY exchange rate climbed to the resistance level formed by the weekly R2 at 111.76.

If the given resistance holds, it is likely, that some upside momentum prevails in the market, and the rate reaches the upper boundary of the long-term descending channel at 111.94.

Otherwise, it is expected that the currency pair reverses south. However, it is unlikely that the pair surpasses the support level formed by the weekly R1 at the 111.32 mark.

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