On Monday, the USD/JPY currency pair continued to trade within the short-term ascending channel. During today’s morning, the pair was trading in the 107.30 area.
It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs in the 107.10 area and re-test the upper channel line circa 107.50.
If the given channel holds, it is likely that the rate could continue to trade upwards along the upper channel line. Otherwise, it is likely that the pair could exceed the psychological level at 107.60.
