The US Dollar was trading sideways against the Japanese Yen on Friday. Despite breaching a four-day channel down later on the day, the pair failed to accelerate, as it was restricted by the 55-hour SMA. This moving average surrendered later in the day, but no further advances followed.
It is likely that the rate appreciates during the first part of Monday towards the 100-hour SMA and the weekly PP at 110.00. Taking into account that banks in the US are closed today, this level is unlikely to be breached, especially now when the pair is stranded between the 100– and 200-period SMAs on the four-hour chart.
Technical indicators on the daily time-frame favour a decline in price this week. The ultimate downside target should be the 100– and 55-day SMAs and the monthly PP at 108.20.
