The US Dollar fell by 49 pips or 0.45% against the Japanese Yen on Monday. The currency pair was pressured lower by the 55– hour simple moving average during Monday’s trading session.
The exchange rate is currently trading near the lower line of a descending channel and could be set for a breakout.
If the breakout occurs, sellers are likely to target the weekly S2 at 108.66 within this session.
However, if the channel pattern holds, the currency exchange rate might edge higher during the following trading session.
