USD/JPY rebounds from 113.17

In line with expectations, the Yen continued to gain value against the Dollar under pressure from the slipping 55-, 100- and 200-hour SMAs.

On the one hand, the currency rate continues to fluctuate within the descending channel formation, which implies further movement in the southern direction.

On the other hand, the combined support level set up by the monthly PP at 113.25 and the weekly S1 at 113.22 indicates that this trading session the exchange rate is likely to spend wavering between the 113.60 and 113.30 marks.

The situation can be altered during the day amid the news coming from the APEC summit where Presidents Trump and Putin are expected to have a meeting.