The US Dollar has gained slightly against the Yen during the previous two sessions. Despite fluctuating near the 55-hour SMA for most of the session, the pair finally managed to overcome this weekly resistance late on Tuesday.
This development allows to think that appreciation could follow today. The upward tendency of technical indicators is likewise confirming this scenario. However, this up-move is likely to be limited due to several important resistance levels located nearby.
Two important ones is the breached ascending channel and the 200-period SMA at 11.80 and 112.20, respectively. The latter is unlikely to surrender today.
If looking at support, the Greenback has still room for a decline down to the senior channel at 110.50. This line might be reached within the following trading sessions.
