The US Dollar continued to consolidate against the Japanese Yen for the third consecutive session on Friday. The pair, however, did maintain its rather flat tendency downwards, pressured lower by the 55– and 100-hour SMAs.
On Monday morning, the Greenback surpassed the weekly and monthly S1s and fell to the 61.80% Fibonacci retracement line located at 110.20 – a new two-month low. The positioning of technical indicators leads to believe that bears could still prevail in this session, thus sending the pair closer to the weekly S3 at 109.40.
If looking at the upside potential, the US Dollar should find strong resistance near 111.00, as the 55– and 100-hour SMAs and the weekly PP are located there, while the ultimate upside target is the breached senior channel and the 200-hour SMA at 111.25.
