The US Dollar appreciated 0.53% against the Japanese Yen since Monday’s session. The currency exchange was piercing the medium ascending pattern during Tuesday’s midnight hours.
In regards to the near term future, it can be expected that the trend line will hold its ground once more and the rate will decline back down to the strong support cluster near the 111.20 mark, where various SMAs and a Fibonacci retracement level are located at.
On the other hand, if the trend line is broken, expect the pair to easily reach the 111.70 level, where the weekly R1 is located.
