The US Dollar appreciated 0.18% against the Japanese Yen since Monday’s session. During the previous trading session, the currency pair was resisted by the 55-hour SMA during the whole trading session. During Tuesday’s morning hours, the US Dollar broke the resistance of the 55-hour SMA to trade at the 112.11 mark.
In regards to the near-term future, the US dollar will trade sideways due to the resistance of the 100-hour SMA and the support of the 55-hour SMA. Most likely, the currency pair will trade at the 111.80 level during the session.
However, the 100– hour SMA and the pattern line could push the rate to pass through the support of the 55-hour SMA to trade at the 111.60 level on Tuesday.
