During the previous trading session, the rate was testing the weekly R2 at 110.51. During Wednesday’s midnight hours, the weekly R2 supported the currency exchange rate at the 110.70 mark.
It is expected that the US Dollar will continue appreciating against the Japanese Yen to break the resistance of the 61.80% Fibonacci retracement level at 110.77.
Moreover, today’s US CPI and Core CPI data release at 13:30 GMT will support the US Dollar to end the trading session at the 110.80 level.
It is expected that the US Dollar will continue appreciating against the Japanese Yen to break the resistance of the 61.80% Fibonacci retracement level at 110.77.
Moreover, today’s US CPI and Core CPI data release at 13:30 GMT will support the US Dollar to end the trading session at the 110.80 level.
During the previous trading session, the USD/JPY broke the dominant pattern line at 110.82. On Thursday morning, the rate was trading above the monthly R1 at the 111.04 mark. Note, some corrections were applied to the chart!
In regards to the near-term future, most likely the currency exchange rate will trade sideways between the freshly drawn dominant pattern line and the monthly R1 to stay at the 111.00 level.
On the other hand, the US Dollar could appreciate against the Japanese Yen to the 111.20 level during today's US Retails Sales, Core Retail Sales, PPI and Core PPI data release at 13:30 GMT.