Yesterday, the USD/JPY currency pair tried to surpass the resistance level formed by the 100-hour SMA and the monthly PP at 111.55.

From a theoretical point of view, a reversal south should occur in the nearest future, as the pair is trading near the upper boundary of the short-term descending channel at 111.53. A possible downside target is the psychological level at 111.30.

If the given channel does not hold, it is likely, that a breakout north could occur. However, the exchange rate has to surpass the 200-hour SMA, currently located at 111.64.

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