During the previous trading session on Friday, the US Dollar returned to trade at the previously drawn pattern. On Monday morning, the rate was trading between the 100-hour and the 55-hour simple moving averages at the 108.22 mark.
The resistance levels of the 100-hour simple moving average and the 38.20% Fibonacci retracement level should push the US Dollar to depreciate against the Japanese Yen to trade below the weekly pivot point at the 107.50 level.
On the other hand, the US Dollar could appreciate against the Japanese Yen during today’s US ISM Non-Manufacturing PMI data release at 15:00 GMT to break the resistance levels to reach the 108.50 level during the trading session.
