During previous trading session, the Greenback continued to strengthen against the Yen, fluctuating in two minor ascending channels. At the moment, the turnaround of the rate seems unlikely, as the southern side is reliably secured by a combination of the 55- and 100-hour SMAs in conjunction with the weekly PP at 112.13. In contrast, the closest resistance level except for the 200-hour SMA is located only near the 112.57 and is formed by the weekly R1 and the upper boundary of one of the above patterns. In larger perspective there is a need to take into account that the pair is approaching the upper boundary of a dominant falling wedge pattern, which means that another rebound most probably is going to happen in the nearest future.
