The US Dollar remained steady against the Japanese Yen on Wednesday. The pair did try to advance but was nevertheless stopped by the combined resistance of the 55– and 100-hour SMAs and the 50.0% Fibonacci retracement line. The shorter-term SMA has guided the pair ever since.
It is likely that the Greenback re-tests this area once more during this session. A successful breakout would sent it up to the 200-hour SMA near 110.00. A further advance is unlikely.
Meanwhile, in the event of bears prevailing, this potential fall should not exceed the 108.15 mark, as the 55– and 100-day SMAs are providing a rather strong support level in this area.
