As the US Dollar has continued to surge again the Japanese Yen it finally encountered resistance strong enough to stop it.
The previous comment made that the breaking of the hourly SMAs could cause a bullish swing upwards has become reality.
A bullish breakout of the 55-, 100- and 200-hour SMAs could point to further upside potential in this session.
On Tuesday it could be seen that the US Dollar had scored new low levels against the Japanese Yen.
The US Dollar has continued to decline against the Japanese Yen. However, on Monday morning it seemed that the decline had ended.
After a short period of decline, the USD/JPY exchange rate picked up bullish momentum.
On Thursday the situation on the USD/JPY chart had changed. Namely, the currency exchange rate had been pushed lower by the 55-day SMA.
On Wednesday morning the USD/JPY currency exchange rate remained near the previous week's end levels.
Compared to Monday's trading session the USD/JPY currency pair had surged in a sudden jump, which lasted two hours at midnight.
On Monday the USD/JPY currency exchange rate traded between two simple moving averages.
Strong bullish momentum continues to be dominating the USD/JPY currency pair.
The USD/JPY currency exchange rate continues to push higher as it reaches a three-week high.
The US Dollar ended the Tuesday's trading session with strong bullish momentum against the Japanese Yen.
By the end of Monday's trading session, the US Dollar extended it decline against the Japanese Yen. As a result, the pair breached the 200-hour simple moving average
The Easter Holiday was spent with mainly low volatility and narrow movement for the US Dollar against the Japanese Yen.
Following a reversal from the two-week high of 107.00 late on Wednesday, the US Dollar began weakening against the Yen once again.
Thursday has shown even more gains from the US Dollar's side, as the USD/JPY pair has booked new heights.
During the early hours of Wednesday's trading session the USD/JPY currency pair remained in the range reached on Tuesday.
On Tuesday morning the USD/JPY currency exchange rate continued to surge on Tuesday, as the pair reached above the 105.50 mark.
On Monday the US Dollar suddenly began a rebound against the monthly PP near the 104.70 mark against the Japanese Yen. However,
By the middle of Friday's trading the USD/JPY currency exchange rate had extended the decline, as the Buck continued to lose value.
The big event of the week has passed. He Federal Funds Rate announcement has caused an opposite effect to what theory would suggest.
The Buck has failed to breach the resistance against the Japanese Yen, which was mapped on Monday, as the long term descending trend line has held the ground.
The US Dollar has extended its gains against the Japanese Yen on Tuesday morning, as the currency exchange rate reached above the 106.50 mark.