After reaching a seven-week high at 111.35 on Tuesday morning, the USD/JPY currency pair began to decline, and by the end of the US session, the pair lost 58 base points.
However, after piercing the 55-hour simple moving average, the exchange rate made a U-turn north. Furthermore, the Greenback has increased its trading range during this week. This suggests the pair might continue moving in the ascending pattern in the short term.
Meanwhile, technical indicators flash a strong bullish signal for the rest of this week.
