The Greenback gained momentum against the Japanese Yen mid-Thursday. This appreciation of the US Dollar was likewise apparent for other major pairs trading against it.
The slight fall apparent on Thursday morning was reversed to the upside when the rate reached the strong support of the 55–period (4H), 200-hour and 200-day SMAs circa 110.00. This resulted in a surge up to its two-week high and even further early today, as the rate passed the weekly R2 and the monthly R1 at 110.75.
Technical indicators remain bullish for this session, especially if the above resistance was breached. The nearest resistance now is the weekly R3 and the upper channel line at 111.22.
By and large, the pair should move towards the senior channel and the monthly R2 at 133.25 within the following trading sessions.
