Yesterday, the USD/JPY currency pair re-tested the lower boundary of the rising wedge pattern. During Thursday morning, the pair was trading at 107.80.
From a theoretical point of view, it is likely that the exchange rate could trade upwards within the given pattern. In this case the rate could exceed the 108.00 level.
It is unlikely that bears could prevail, and the pair could breach the given pattern south due to the support formed by the 100– and 200-hour SMAs in the 107.40 area.
