The US Dollar appreciated 0.47% against the Japanese Yen since Tuesday’s session. The currency exchange rate experienced the 55-hour and 200-hour SMAs squeeze breakout which lead the rate to move upwards during Wednesday’s morning hours.
In theory, the rate should take the upper boundary of the large channel as a resistance barrier and bounce off the line to move backwards into the channel.
However, the USD/JPY could break the large channel and go up towards the weekly R1 at the 111.75 level.
