During Tuesday’s trading session, The US Dollar surged by 55 pips or 0.51% against the Japanese Yen. The currency pair breached the weekly R1 at 108.73 on Tuesday.
Currently, the exchange rate is trading near the upper line of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 109.20 area could be expected within this session.
However, if the channel pattern holds, the currency exchange rate could make a brief retracement towards the 108.40 level through the following trading hours.
