During the previous trading session, the Japanese Yen appreciated gradually against the US Dollar. On Tuesday’s morning, the currency pair traded near the support level—the weekly S1 at 110.51.
If the given support does not hold, it is likely, that the pair maintains its decline. A possible downside target is the psychological level at the 110.30 mark.
Otherwise, it is expected, that the exchange rate could trade sideways between the given support level and the weekly S1 at 110.81.
Also, it is unlikely, that some upside potential could prevail in the market, as the rate is pressured by the 55-hour SMA at 110.94.
