The US Dollar surged by 50 pips or 0.46% against the Japanese Yen on Wednesday. A breakout occurred through the upper boundary of a descending channel pattern during Wednesday’s trading session.
Given that a breakout has occurred, buyers could continue to drive the currency pair higher during the following trading session. The potential target for bullish traders would be near the weekly R1 at 110.63.
However, the USD/JPY currency exchange rate could found resistance near the 110.40 regions in the shorter term.
