On Tuesday, the US Dollar declined by 41 pips or 0.37% against the Japanese Yen. The currency pair tested the lower boundary of a descending channel pattern during yesterday’s trading session.
As for the near future, the exchange rate could continue to edge lower. A breakout through the lower boundary of the descending channel is likely to occur within this session.
However, if the channel pattern holds, a surge towards the 100– hour simple moving average at 109.47 could be expected during the following trading session.
