During Friday’s trading session, the currency exchange rate was supported by the 200-hour simple moving average to break the resistance of the 61.80% Fibo to end the day at 110.80. On Monday morning, the rate broke through the medium pattern line to be located at the 111.05 mark.
In regards to the near-term future, most likely, the rate will continue to surge towards the weekly R1 at the 111.32 mark.
However, today’s US Retail Sales release at 12:30 GMT might depreciate US Dollar against the Japanese Yen to push the rate to end the day near the weekly pivot point at the 110.91 mark.
