The USD/JPY currency pair has revealed a short-term ascending channel.
From a theoretical perspective, it is likely that some upside potential could prevail in the market, and the exchange rate could re-test the upper channel line located circa 105.90.
In the meantime, it is unlikely that bears could prevail in the market, and the currency pair could decline below the support area formed by the monthly PP and the 200-hour SMA in the 105.25/105.34 range.
