The Japanese Yen depreciated against the US Dollar during the morning hours. The main pair reached the 100– hour simple moving average at midnight to Wednesday which paused the surge. In general, the US Dollar recovered 47 pips or 0.43%.
On Wednesday morning, the main pair was at 110.40 showing a bullish signal. The 55– hour simple moving average was the support for the currency pair for the day. The simple moving average was also set to be strengthened by a monthly pivot point just above the SMA.
The upward momentum is likely to continue during the session reaching the 200-hour simple moving average.
