Yesterday, the USD/JPY currency pair revealed a rising wedge pattern. During Friday morning, the pair was trading near the lower pattern line.
From a theoretical point of view, it is likely that the exchange rate could reverse north from the lower pattern line in the nearest future and target the resistance level formed by the weekly R2 and the monthly PP at 107.65.
Meanwhile, note that the currency pair could be pressured by the weekly R1 and the 100-hour SMA near 107.20 and breach the given pattern south. In this case it is unlikely that the pair could decline below the weekly PP at 106.60.
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