During Friday’s trading session, the currency exchange rate passed through the support level of the 200-hour simple moving average to fall to 111.00. On Monday morning, the rate was trading at the 111.21 mark. Note, the chart was fully reviewed to make some corrections to the chart!
In regards to the near-term future, it is expected that the 55-hour simple moving average will retrace the rate to push it to trade sideways at the 111.00 level.
However, today’s US Retail Sales and Core Retail Sales data release at 12:30 GMT might push the US Dollar to appreciate against the Japanese Yen to trade between the simple moving average at the 111.40 level.
