The US Dollar continued its fourth day of appreciation against the Yen on Friday. Despite showing high volatility, the pair nevertheless closed the session with a slight 32-pip gain.
The Greenback opened considerably higher—at the 107.80 level today, and remained near this mark during the following hours. Thus, the given currency was located near a trend-line this morning.
Technical indicators still remain bullish; however, a convergence between them and the price movement could point to a soon change in sentiment. Thus, even if an up-move occurs today, gains should be capped near the 38.20% Fibonacci retracement and the weekly R2 near 108.10.
Apart from the 55-hour SMA and a channel line near 107.50, a decline might be stopped solely by the 100– and 200-hour SMAs at 107.30.
