During Wednesday’s trading session, the rate passed through 55-hour and the 100-hour simple moving averages to end the trading session at 111.20. On Thursday morning, the currency exchange rate broke the resistances of the SMAs to trade at the 111.60 mark.
In regards to the near-term future, most likely, the 200-hour simple moving average will support the rate to push it to the 111.80 level.
However, the US Dollar might appreciate against the Japanese Yen to force the rate to stay at the 111.40 level for the rest of the trading session
