On Monday, the US Dollar edged lower by 56 pips or 0.51% against the Japanese Yen. The currency pair tested the weekly support level at 109.19 during Monday’s trading session.
By and large, bears are likely to continue to drive the exchange rate lower during the following trading session. The possible target for bearish traders will be near the weekly S2 at 108.74.
However, the lower boundary of a descending channel pattern could provide support for the currency exchange rate within this session.
