In early hours of this trading session the buck stopped the surge and bounced off from the 112.79 level. In essence, this turning point simultaneously represents the second reaction high of a two unconfirmed descending channels.
As the northern side is additionally secured by the weekly and monthly PP as well as the slipping 200-hour SMA, the Yen is expected to resume the rally against the Dollar tending to reach the 112.13 mark by the end of the week. However, this scenario might be altered due to release of information on the American labour market. In that case the currency rate might end the week near the psychological 113.00 level.
