The US Dollar extended its losses against the Japanese Yen for the fourth consecutive session. The pair managed to remain near the 100– and 55-hour SMAs on Wednesday. This rather still momentum sideways was disrupted early in this session when the rate, driven primarily by globally weaker US Dollar and solid fundamentals from Japan, dashed through the combined support of the 200-hour SMA and the 50.0% Fibonacci retracement and thus had reached the monthly PP circa 112.70 a few hours later. The bearish sentiment might still prevail during the following hours, but the overall direction in this session should be tended northwards. It is expected that the pair retests the 113.00 area; however, it is yet to be seen if the 200-hour SMA is breached.
