The US Dollar edged higher by 26 pips or 0.24% against the Japanese Yen on Tuesday. The 55– hour simple moving average provided resistance for the exchange rate during yesterday’s trading session.
Everything being equal, the currency pair is likely to continue to edge up during the following trading session. The possible target for the USD/JPY pair will be near the 110.00 area.
However, a resistance cluster formed by the 100– and 200– hour SMAs at 109.66 could provide resistance for the currency exchange rate in this session.
