During Monday morning hours, the USD/JPY currency pair broke the upper line of the medium-term descending channel.
It is likely that the exchange rate could continue to extend gains in the nearest future. In this case the rate could face the resistance level—the weekly R1 at 104.53.
If the given level does not hold, the currency pair could target the 105.00 level. Otherwise, the pair could bounce off to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 103.33/103.83 range.
