Yesterday, the USD/JPY currency pair tried to surpass the 111.50 level. During Tuesday morning, the pair was testing the support provided by the 55-hour SMA near 110.50.
If the given support holds, it is likely that some downside potential could prevail in the market, and the exchange rate could exceed the 111.50 level.
However, note that the currency pair has to surpass the monthly R1 at 111.04. If the given resistance holds, it is likely that some downside potential could prevail in the market. In this case the pair could gain support from the weekly and monthly PPs at 109.20.
