USD/JPY has reversed back up again, above 107.00, after finding support at the eight-week low of 105.95 achieved last week. The price is in the process of penetrating the downward sloping channel to the upside, shifting the bearish structure to neutral. The price is ready to touch the 23.6% Fibonacci retracement level of the down leg from 111.70 to 105.95 at 107.33 and the 107.50 resistance, remaining above the short-term simple moving averages (SMAs). Furthermore, the technical indicators are confirming this view with the RSI approaching the 70 level and the stochastic hovering in the overbought zone.