USD/JPY trades around 147.40 on Thursday. The daily chart analysis shows that the pair consolidates within a descending channel, which suggests a bearish bias. Additionally, the 14-day Relative Strength Index (RSI) is positioned slightly above the 30 level, suggesting a potential for a correction.

In terms of support levels, the USD/JPY pair may test the lower boundary of the descending channel around the 142.50 level. A break below this channel could reinforce the bearish bias, potentially driving the pair toward a seven-month low of 141.69, reached on August 5. Further downside could see the pair approaching a secondary support level at 140.25.