During Tuesday’s trading session, the currency exchange rate surged to the weekly R2 at 113.56 to end the trading day at the 113.04 mark. On Wednesday morning, the US Dollar was trading at the 113.09 mark.
In regards to the near-term future, the US Dollar will stay a the range between the weekly R1 at 112.73 mark and the weekly R2 at 113.56 mark. Most likely, the rate will move upwards to bounce off the resistance of the weekly R2 at 113.56.
On the other hand, the US Dollar could depreciate against the Japanese Yen during today’s fundamental news which could force the rate to trade near the supports of the weekly R1 at 112.73 and the 61.80% Fibonacci retracement level.
