Following a reversal from the weekly and monthly S1s mid-Wednesday, the US Dollar began edging higher against the Japanese Yen. This advance was very limited due to being restricted by the 55-, 100– and 200-hour SMAs near 111.00.
Technical signals are mixed for today. However, given that the above resistance cluster was not surpassed, bulls could fail to achieve this today, as well. This allows to think that the US Dollar is more likely to push lower. If the monthly and weekly S1s are breached, the junior channel line at 110.00 is the following downside target.
The general expectation about this session is that no significant moves are likely to occur in any direction, thus leaving the Greenback fluctuating in the 110.40/111.00 range.
