Due to the previous forecasts failing, a review of the USD/JPY pair has been conducted. It was revealed that the pair remains on a large scale in a descending channel.
However, the recent surge of the US Dollar against the Yen occurred due to encountering a support of a long term channel up pattern. It was followed by a rebound, which can be observed on the chart. Although, it has ended and a short term decline has started in a presumed descending channel pattern.
In regards to Friday’s trading , it can be expected that the rate will reach the monthly S1 and the support of the long term channel at 108.82.
