The US Dollar declined by 35 pips or 0.31% against the Japanese Yen on Monday. The currency pair breached the 55-, 100– and 200– hour SMAs during yesterday’s trading session.
All things being equal, the exchange rate is likely to continue to edge lower during the following trading session. The potential target for the USD/JPY pair will be near the weekly support level at 110.46.
On the other hand, the currency exchange rate might reverse from the support line at 110.80 and aim at the 55– hour simple moving average at 111.17 within this session.
