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The US dollar eased against the yen on Wednesday during the Asian session.
Losses are now being consolidated at the beginning of the European session. The exchange rate has fallen till the 106.80 area, where it found the support of the weekly S2 (106.79).
At 0855 GMT, the exchange rate trades above the 107 level, more precisely at 107.35, below the 20-hour SMA located at 107.52.
The hourly RSI ticks near the 40 area, which prompts the recognition that the consolidation wave is done, until another fundamental event triggers another push north.
Resistance is offered by the 20-hour SMA (107.52) and then by the weekly S1 (107.79). Likely the exchange rate shall remain trading below the 108 level during today's session.
Losses are now being consolidated at the beginning of the European session. The exchange rate has fallen till the 106.80 area, where it found the support of the weekly S2 (106.79).
At 0855 GMT, the exchange rate trades above the 107 level, more precisely at 107.35, below the 20-hour SMA located at 107.52.
The hourly RSI ticks near the 40 area, which prompts the recognition that the consolidation wave is done, until another fundamental event triggers another push north.
Resistance is offered by the 20-hour SMA (107.52) and then by the weekly S1 (107.79). Likely the exchange rate shall remain trading below the 108 level during today's session.
