Following two sessions of sideways movement, the Greenback eventually managed accelerated against the Yen on Friday . The pair found support at the 55-hour SMA early in the day and subsequently dashed through the 100– and 200-hour SMAs and the 50.00% Fibonacci retracement.
The pair stopped at the 100-period (4H) SMA late on Friday and was trading at this line early today, as well. This has left the rate in a narrow 109.80/20 range. Even though technical indicators are located in the overbought territory and thus are pointing to a decline today, this fall is unlikely to be significant due to the 200-hour and 200-period (4H) SMAs, among other support levels, restricting the 109.20/30 area.
In terms of the upside, the Greenback should find resistance at the weekly R1 and the 61.80% Fibo at 110.20.
