The USD/JPY pair bounced off the lower boundary of a descending channel pattern at 108.80 on Wednesday. As a result, the US Dollar edged higher by 83 pips or 0.77% against the Japanese Yen during Wednesday’s trading session.
The exchange rate was trading near the upper line of the channel pattern during the Asian session on Thursday. If the descending channel holds, a decline towards the weekly S1 at 108.66 could be expected today.
However, if the currency exchange rate breaks the resistance level, the next target for buyers will be near the 110.00 level.
