USD/JPY Analysis: Surges to dominant pattern line
|USDJPY
During the previous trading session, the rate was testing the weekly R2 at 110.51. During Wednesday's midnight hours, the weekly R2 supported the currency exchange rate at the 110.70 mark.
It is expected that the US Dollar will continue appreciating against the Japanese Yen to break the resistance of the 61.80% Fibonacci retracement level at 110.77.
Moreover, today's US CPI and Core CPI data release at 13:30 GMT will support the US Dollar to end the trading session at the 110.80 level.
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.