On Thursday, the Japanese Yen depreciated 0.71% against the Greenback, as the US economic data came better-than-expected. On Friday’s morning, the currency pair reached the upper boundary of the long-term descending channel at 111.80.
From a theoretical point of view, the pair should reverse south from the given boundary and step lower towards the weekly PP at the 111.47 mark.
However, if the given channel does not hold, a bullish momentum prevails in the market, and the rate renews the 2019 maximum, currently located at 112.00.
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