The US dollar remained in a positive zone, trading above the 107.50 resistance against the Japanese yen. The USD / JPY pair traded as high as 107.76 and recently began a downside correction.
It broke the 107.50 support and recently tested the 107.10 level. It seems the pair are following a declining channel with resistance near 107.28 on the FXOpen on the hour chart.
The channel resistance is close to the 50 hour simple moving average. Therefore, a clear breach of the resistance zone 107,30 can start a fresh rise against the levels 107.50 and 107.80 in the short term.
Conversely, the pair could continue to fall toward the 107.00 support or 50% Fib retracement level of the recent rise from 106.21 low to 107.76 high. If the USD / JPY pair does not stay above 107.00 support, it may continue to move down to 106.50.