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.