During Tuesday’s trading session, the currency exchange rate was supported by the weekly pivot point to end the trading session at 110.50. On Wednesday morning, the rate was located above the monthly pivot point at the 110.64 mark.
In regards to the near-term future, most likely, the trade will be trading sideways to stay between the 61.80% Fibo at the 110.77 mark and the monthly pivot point at the 110.53 mark.
However, the resistance levels of the 61.80% Fibo and the 200-hour simple moving average could retrace the US Dollar to depreciate against the Japanese Yen to the 110.40 level.
