The USD/JPY currency pair has revealed a medium-term descending channel.
From a theoretical perspective, it is likely that the exchange rate could bounce off the upper channel line and trade downwards in the short run. Note that the rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 103.20/103.40 area.
In the meantime, note that the currency pair could gain support from the weekly R1 at 103.82. Thus, if the predetermined channel does not hold, the pair could target the psychological level at 104.40.
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