During Wednesday’s trading session, the rate was trading sideways to end the trading day at 110.60 as it was predicted. On Thursday morning, the currency exchange rate was trading between the 55-hour and the 100-hour simple moving averages to be located at the 110.74 mark.
In regards to the near-term future, most likely, the rate will bounce off the 61.80% Fibo at 110.77 to trade sideways at the 110.60 level.
However, today’s US Durable Goods Orders and Core Durable Goods Orders data release at 13:30 GMT could push the US dollar to appreciate against the Japanese Yen to break the resistance of the 61.80% Fibo to trade at the 110.80 level.
