During Wednesday’s trading session, the USD/JPY currency pair continued to trade within the short-term descending channel.
From a technical perspective, it is likely that the pair reverses south from the upper channel line and continues to decline. However, the exchange rate has to surpass the monthly PP at 110.91.
If the given channel does not hold, a breakout north might occur in the nearest future. A possible upside target is the resistance level formed by the 100– and 200-hour SMAs located circa 111.35.
