It was already speculated on Wednesday that there should exist a long term ascending pattern dominant to the junior downwards aimed channel on the USD/JPY chart. That pattern was revealed on Thursday.
Namely, as the rate rebounded against the support of the 200-hour simple moving average, the event provided a reference point for the dominant ascending pattern.
The rebounded resulted in a surge, which passed the 55-hour SMA only to be stopped by the 100-hour SMA. If the 100-hour SMA at 110.67 gets properly passed, the rate will face no resistance. However, a new short term pattern should reveal itself in the near future
