In the middle of previous trading session, the currency exchange rate made a confident breakout from a symmetrical triangle pattern. In accordance with expectations, the surge was stopped in resistance zone formed by the 200-hour SMA and the 50% Fibonacci retracement level located at 113.00.
An allocation of pending orders suggests that markets are eager to see further appreciation of the Dollar against Yen. A successful vote on tax bill later this day theoretically might throw the rate straight to the weekly R1 at 113.57.
However, until that the currency pair is expected to continue slowly climbing to the top in a little rising wedge formation. By the way, if assumption about this pattern is correct, then the rate might plunge back to support zone located around the monthly PP at 112.70.
