During the previous trading session, the USD/JPY broke the dominant pattern line at 110.82. On Thursday morning, the rate was trading above the monthly R1 at the 111.04 mark. Note, some corrections were applied to the chart!
In regards to the near-term future, most likely the currency exchange rate will trade sideways between the freshly drawn dominant pattern line and the monthly R1 to stay at the 111.00 level.
On the other hand, the US Dollar could appreciate against the Japanese Yen to the 111.20 level during today’s US Retails Sales, Core Retail Sales, PPI and Core PPI data release at 13:30 GMT.
