The US Dollar found support against the Japanese Yen on Tuesday morning. Namely, the lower trend line of a medium term channel up pattern provided the needed support to stop the recent short lived decline.
Moreover, during the morning hours the currency rate passed the 55-hour simple moving average’s resistance at 111.20. The SMA began to provide support shortly afterwards.
Meanwhile, the pair faces no notable resistance as far as the 111.80 level, where close by a monthly pivot point is located at.
Due to these factors combined, a surge in the upcoming trading sessions could be expected, during which the pair might gain 60 base points.
