USD/JPY Analysis: Slumps to 110.20
|USDJPY
During Wednesday's trading session, the US Dollar depreciated against the Japanese Yen by 102 pips or 0.91 base point to end the trading session at 110.60. On Thursday morning, the US Dollar kept depreciating against the Japanese Yen to be located at the 110.44 mark.
In regards to the near-term future, most likely, the rate will trade sideways between the weekly S2 at 110.40 and the weekly S3 at 109.91 to stay at the 110.20 level.
However, the weekly S2 could retrace the rate to push it to break the resistance level of the monthly pivot point at 110.53 to trade near the 61.80% Fibonacci retracement level at the 110.77 mark.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.