USDJPY: Maintaining Upside Channel Despite Signs of Recovery

The Yen has risen by over 3% following Japan's intervention to boost the currency and the Fed's less hawkish stance. The US Dollar index slipped below 105.00 with the NFP print being softer than expected.

The USD/JPY currency pair still has the potential for downside movement. However, there are signs of recovery in the pair. It is expected to test the 0.5-0.618 Fibonacci retracement level.