A release of the Bank of Japan Summary of Opinions as well as ongoing concerns over delay of the Trump’s tax reform implementation continued to push the exchange rate in southern direction. In technical terms, this downward movement is expressed in one-week long descending channel, which consist of three reaction highs and lows. As in early morning the pair made a rebound from an upper trend-line of the pattern, the rest of the day it is expected to spend either in a red zone or in consolidation. This assumption is supported by the fact that the northern side accumulated all active barriers, such as the 55-, 100- and 200-hour SMAs plus the weekly PP. Moreover, the closest support area is supposedly located only near the 113.40 mark.
