During Wednesday’s trading session, the currency exchange rate slumped by 50 pips or 0.46% compared with Tuesday’s trading session. On Thursday morning, the rate was trading below the weekly S2 at the 108.70 mark. Note, the chart was thoroughly reviewed to make changes to the previously drawn patterns!
In regards to the near-term future, most likely, the rate will depreciate towards the 38.20% Fibonacci retracement level at 108.43. Besides, the weekly S2 at 108.71 should retrace the rate to give an additional push for the rate.
However, the weekly S2 could support the US Dollar to appreciate against the Japanese Yen to push the rate to trade at 108.80 for the rest of the trading session.
