As it was expected, the American Dollar continued to gradually recover against the Japanese Yen in anticipation of the speech that will be delivered today at the Jackson Hole Symposium at 16:00 GMT.
From a technical point of a view, the further surge of the buck is a quite possible scenario, as the pair has an obstacle-free area up until the upper boundary of a senior descending channel. The southern side, in contrast, contains various barriers, such as the 55- and 100-hour SMAs or the monthly S1. However, if remarks from the Fed Chair will be disappointing, none of the above barriers could stop the fall of the rate that will be followed by an active acquisition of the Yen.
