The USD/JPY currency pair bounced off the lower line of a descending channel pattern at 109.18 on Tuesday. As a result, the US Dollar surged by 50 pips or 0.46% against the Japanese Yen during yesterday’s trading session.
The exchange rate could continue to edge higher during the following trading session. The possible target for bullish traders will be near a resistance cluster at 110.05.
However, the 100– hour simple moving average at 109.80 could provide resistance for the currency exchange rate in this session.
