On Wednesday, the US Dollar surged by 55 pips or 0.51% against the Japanese Yen. A breakout occurred through the upper line of a descending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, buyers could continue to drive the price higher within this session. The potential target for the exchange rate will be near the 110.60 area.
However, bullish traders could encounter resistance at 110.40 within the following trading session.
