On Thursday, the US Dollar declined by 62 pips or 0.56% against the Japanese Yen. The decline was stopped by the 100– hour simple moving average at 109.58 during yesterday’s trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout. If the breakout occurs, a decline towards the weekly S1 at 109.19 could be expected today.
However, if the channel pattern holds, buyers could drive the currency exchange rate higher within this session.
