On Thursday, the US Dollar surged by 38 pips or 0.35% against the Japanese Yen. A breakout occurred through the upper boundary of a descending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, buyers are likely to continue to drive the exchange rate higher during the following trading session. The possible target will be next to the 110.41 area.
However, the weekly pivot point at 109.99 could provide resistance for the USD/JPY currency exchange rate within this session.
