Due to the fluctuations caused by Jerome Powell’s testimony on Tuesday, which broke all previous junior and medium scale patterns, a broader look at the USD/JPY currency exchange rate is done.
In general, the pair has revealed a long term channel up pattern in the borders of the long ago spotted dominant descending channel. In addition, there is another notable pattern. As the pair rebounded against the ascending pattern’s support, it formed an up trending pattern.
Meanwhile, on Wednesday the rate was set to meet with a strong support cluster near 107.0, which would propel it to test dominant resistance near 107.80.
