The US Dollar depreciated 0.50% against the Japanese Yen since Wednesday’s session. On Thursday, the US Dollar was trading below the weekly S3 at the 112.29 mark.
In regards to the near-term future, most likely, the US dollar will trade downwards due to the resistance of the weekly S3 at the 112.31 mark. The simple moving averages will try to catch up the rate during the session. It is expected that the rate will trade at the 111.80 level on Thursday.
However, today’s significant US fundamental data sets may break the prediction for this currency pair. Watch out for the news!