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.
Written by Admin
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