Just before Friday’s mid-day European trading hours, the USD/JPY broke the resistance of the 109.25/109.35 zone. Due to that reason, the rate was expected to reach for the resistance levels that were located from 109.73 to 109.83.
In the meantime, the currency exchange rate has revealed a narrow channel up pattern, which has guided the rate’s surge since the start of Wednesday’s trading hours.
If the USD/JPY rate passes the resistance levels that are located from the 109.73 to 109.83 levels, the rate would almost immediately test the resistance of the 110.00 level and the weekly R3 simple pivot point at 110.09.
On the other hand, if the resistance levels hold and a decline occurs, the rate could look for support in the previously passed 109.25/109.35 zone.
