During Wednesday’s trading session, the currency exchange rate passed through the support levels of the 55-hour and the 100-hour simple moving average to end the trading session at 110.20. On Thursday morning, the rate was supported by the 100-hour simple moving average to trade at the 110.29 mark.
In regards to the near-term future, most likely, the 55-hour simple moving average will retrace the rate to push it to pass through the support level of the weekly S1 at the 109.22 mark.
On the other hand, today’s US Final GDP data release at 12:30 GMT could support the US Dollar to appreciate against the Japanese Yen to the 110.60 level.
