During Wednesday’s trading session, the US Dollar depreciated against the Japanese Yen by 102 pips or 0.91 base point to end the trading session at 110.60. On Thursday morning, the US Dollar kept depreciating against the Japanese Yen to be located at the 110.44 mark.
In regards to the near-term future, most likely, the rate will trade sideways between the weekly S2 at 110.40 and the weekly S3 at 109.91 to stay at the 110.20 level.
However, the weekly S2 could retrace the rate to push it to break the resistance level of the monthly pivot point at 110.53 to trade near the 61.80% Fibonacci retracement level at the 110.77 mark.
