The US Dollar appreciated 0.37% against the Japanese Yen since Tuesday’s session. The currency exchange broke the upper boundary of the large descending channel during the previous trading session.
In regards to the near-term future, the rate will go upwards to the weekly R1 at the 111.72 mark, which should stop the rate and retrace it back to the pattern during the day. The simple moving averages will try to catch up to the rate to give support.
Afterwards, the 55-hour SMA and the upper boundary of the large descending channel may play a role of support to push the rate upwards to pass the weekly R1 at the 111.72 mark or be passed and give way for a fall down to 111.20.
