During Friday’s trading session, the currency exchange rate broke through the resistance levels of the simple moving averages to end the trading day at 109.40. On Monday morning, the rate broke the 50.00% Fibonacci retracement level to trade at the 109.88 mark.
In regards to the near-term future, most likely, the rate will break the descending dominant pattern line at the 110.35 mark to surge towards the 111.00 level.
On the other hand, the descending dominant pattern line could retrace the rate at the 110.35 mark to push the US Dollar to trade near the weekly R1 at 110.01.
In regards to the near-term future, most likely, the rate will break the descending dominant pattern line at the 110.35 mark to surge towards the 111.00 level.
On the other hand, the descending dominant pattern line could retrace the rate at the 110.35 mark to push the US Dollar to trade near the weekly R1 at 110.01.
Comment:
During the previous trading session, the rate was supported by the 100-hour simple moving average to break the resistance of the 55-hour simple moving average. On Thursday morning, the rate was located at the weekly R1 at the 110.01 mark.
In regards to the near-term future, most likely, the simple moving averages together with the support of the weekly R1 will push the currency exchange rate towards the weekly R2 at the 110.50 mark.
On the other hand, the rate could break the resistance of the weekly R1 at 110.01 to trade sideways at the 110.20 level for the rest of the trading session.
During the previous trading session, the rate was supported by the 100-hour simple moving average to break the resistance of the 55-hour simple moving average. On Thursday morning, the rate was located at the weekly R1 at the 110.01 mark.
In regards to the near-term future, most likely, the simple moving averages together with the support of the weekly R1 will push the currency exchange rate towards the weekly R2 at the 110.50 mark.
On the other hand, the rate could break the resistance of the weekly R1 at 110.01 to trade sideways at the 110.20 level for the rest of the trading session.
Comment:
During Thursday’s trading session, the currency exchange rate was resisted by the 55-hour simple moving average to trade sideways at 109.60. On Friday morning, the rate was supported by the 55-hour SMA at the 109.81 mark.
In regards to the near-term future, most likely, the 100-hour and the 55-hour simple moving averages will support the US Dollar to appreciated against the Japanese Yen to break the resistance level of the weekly R1 at the 110.01 mark.
However, the weekly R1 at the 110.01 mark could resist the rate to push it to trade sideways at the 109.80 level for the rest of the day.
During Thursday’s trading session, the currency exchange rate was resisted by the 55-hour simple moving average to trade sideways at 109.60. On Friday morning, the rate was supported by the 55-hour SMA at the 109.81 mark.
In regards to the near-term future, most likely, the 100-hour and the 55-hour simple moving averages will support the US Dollar to appreciated against the Japanese Yen to break the resistance level of the weekly R1 at the 110.01 mark.
However, the weekly R1 at the 110.01 mark could resist the rate to push it to trade sideways at the 109.80 level for the rest of the day.
Comment:
The US Dollar broke a significant level of resistance against the Japanese Yen. Namely, the resistance of a medium descending pattern that captured the week long sideways trading below the 110.00 level was broken. The event signals the end of sideways trading.
As the pair continues to surge upwards, it will face the weekly R1 at 110.14. After breaking the weekly R1, the pair is set to reach for the next resistance level at the 110.50 mark.
On the other hand, at any moment the pair might begin to consolidate its gains by trading sideways and waiting for the support of the 55 and 100-hour simple moving averages to approach the rate and initiate a continuation of the surge.
As the pair continues to surge upwards, it will face the weekly R1 at 110.14. After breaking the weekly R1, the pair is set to reach for the next resistance level at the 110.50 mark.
On the other hand, at any moment the pair might begin to consolidate its gains by trading sideways and waiting for the support of the 55 and 100-hour simple moving averages to approach the rate and initiate a continuation of the surge.
During Monday’s trading session, the US Dollar broke the medium pattern line and the resistance level of the weekly R1 at 110.01. On Tuesday morning, the rate was located below the weekly R1 at the 109.98 mark.
In regards to the near-term future, it is expected, that the continue the surge towards the 111.00 level. Most likely, the rate will end the trading session near the resistance level of the weekly R2 at 110.50.
Meanwhile, the simple moving averages will try to catch up the rate to give an additional push for the rate to surge.