After reaching the high level above the 114.00 mark on Monday in the aftermath of the Japanese election the USD/JPY currency pair retreated back down to the support zone near the 113.20 mark. At that level the rate rebounded and offered a chance to adjust the drawing of the medium scale ascending channel pattern.
In general the rate faced no resistance levels up to the mentioned 114.00 mark, as it was being driven higher by the support of the 55-hour SMA. Moreover, the SMA was supported by the ascending lower trend line of the dominant medium scale channel up pattern.
Due to that reason it is assumed that the 114.00 mark will be reached once more.
