Yesterday, the USD/JPY currency pair exceeded the 109.40 level. During Thursday morning, the pair was testing the upper boundary of the long-term descending channel at 109.67.
From a theoretical perspective, it is likely that a reversal south could occur in the nearest future. In this case the exchange rate could target the psychological level at 109.20.
However, note that the currency pair would have to surpass the weekly R1 at 109.43. If the given support holds, it is likely the US Dollar could consolidate against the Japanese Yen in the short run.
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