The Greenback remained stable against the Yen on Thursday, as it failed to overcome the constraints of the 200-hour SMA and a seven-day resistance at 109.69. This price level and the dashed up-trend line has formed a short-term ascending triangle.
It seems that the rate could be ready to breach this pattern to the upside, especially if the southern barrier is guarded by the weekly PP , the 55– and 200-hour SMAs circa 109.35. Technical indicators are likewise supportive of this scenario, as they demonstrate that some upside potential still exists.
Apart from the 109.69 mark, the nearest resistance is set by the weekly PP and the monthly R1 near 110.35. This area is expected to be the daily high.
