During the previous trading session, the currency exchange rate passed the resistance level of the 61.80% Fibo as it was predicted. During Wednesday morning hours, the rate was trading sideways to be located at the 110.76 mark.
It is expected, that the US Dollar will continue to appreciate against the Japanese Yen with the help of today’s US FOMC Meeting Minutes release at 19:00 GMT which could push the rate to break the resistance of the monthly R1 at 110.99.
On the other hand, the US Dollar could depreciate against the Japanese Yen during the release. In this case, most likely, the rate could depreciate to the 110.60 level.
