On April 26, the US Dollar surged by 54 pips or 0.50% against the Japanese Yen. The currency pair breached the 55– and 200– hour SMAs during yesterday’s trading session.
Everything being equal, the exchange rate is likely to continue to edge higher during the following trading session. A breakout through the upper line of an ascending channel pattern could occur.
However, if the channel pattern holds, a decline towards the 107.80 level could be expected today.
