Yesterday, the currency exchange rate slumped to the 111.00 level, breaking the previously drawn pattern line at 111.20. On Wednesday morning, the rate was located above the weekly S1 at the 111.14 mark.
In regards to the near-term future, most likely, the US Dollar will continue to depreciate against the Japanese Yen to end the day near the monthly pivot point at the 110.60 level.
However, today’s fundamental news could help the US Dollar to appreciate against the Japanese Yen to break the resistance levels and end the day near the weekly pivot point at the 111.46 mark.
Note, watch out for the news!
