USD/JPY analysis: Surges above 109.00

USD/JPY

The US Dollar surged by 46 pips or 0.42% 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 had occurred, bullish traders could continue to pressure the exchange rate higher during the following trading session. The potential target for buyers would be near the 109.40 area.

However, a resistance line at 109.25 could provide resistance for the USD/JPY currency exchange rate within this session.

USDJPY

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