The USD/JPY on Friday morning remained near the previous levels as on Thursday. However, there was a new very important detail revealed about the currency exchange rate.
The pair retraced downwards and made a rebound just below the 100-hour SMA. The point of reference can be used to draw a new pattern. Namely, a medium scale ascending channel pattern was charted. The pattern is set to guide the rate higher in the upcoming week.
Meanwhile, in the short term watch the monthly PP at 111.80. If it gets passed, the 112.00 mark will be targeted next.
