On Wednesday, the currency exchange rate broke the bottom boundary of the dominant pattern at 112.20 mark. During Thursday’s morning hours, the US Dollar depreciated against the Japanese Yen by 76 pips or 0.68% to trade at the 111.86 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways between the 50.00% Fibo and the weekly S2 at 111.64 mark. Besides, the 55-hour SMA might push the rate to trade at the 111.80 level.
On the other hand, the currency exchange rate could pass the support levels of the weekly S1 and the 38.20% Fibo to trade at the 111.20 level.
