After an active appreciation of buck, bears tried to restore lost positions and return the pair back to the weekly PP at 112.13. However, this attempt did not succeed due to combined support set up by the 100- and 200-hour SMA. In the first hour of this trading session the currency rate jumped by 48 point and began testing resistance between the 113.21 and 113.27 levels. The fact that there is strong confidence that Shinzo Abe and his Liberal Democratic Party will manage to save their seats in the upcoming Japanese general elections suggests that the rate might continue to climb to the top. On the other hand, the fact that on daily chart the pair has reached the upper boundary of a long-term pattern points out on an upcoming rebound.
