In result of the yesterday’s advance, the currency exchange rate managed to cross practically all barriers on its way. As a result, the only two obstacles that could prevent the further path to the north, except for the upper trend-line of a former descending channel near 110.42, are the weekly R2 at 110.98 and the monthly R1 at 111.26. From this perspective, the Dollar is expected to continue to appreciate against the Yen. An aggregate of technical indicators supports this assumption, sending strong buy signals for the upcoming day. However, there is also a need to take into account that an average market sentiment remains 58% bearish. Moreover, in the middle of the day the above scenario might be altered, depending on the released US PPI data.
