The US Dollar was heading towards the 109.08 mark against the Yen prior to being pushed down by sluggish US Durable Goods Orders. The given move resulted in the rate dashing through the 200-, 55– and 100-hour SMAs down to 109.10.
Subsequently, the rate has remained in a relatively stable level between the weekly PP and the monthly S1 in 109.28/108.82.
It is likely that the Greenback tries to appreciate once again towards the 200-hour SMA—a level that should be today’s upside limit. On the other hand, the aforementioned monthly S1 together with the weekly S1 circa 108.80 is expected to limit losses for Dollar bulls.
