On Thursday, the US Dollar declined by 27 pips or 0.25% against the Japanese Yen. The decline was stopped by the 200– hour simple moving average at 110.04 during Thursday’s trading session.
All things being equal, the currency pair could continue to edge higher in an ascending channel pattern during the following trading session. The potential target for the exchange rate will be near the 110.63 level.
However, given that the currency exchange rate is currently trading near the lower boundary of an ascending channel pattern, a breakout might occur within this session.
