Range Markets

As the Congress managed to avoid government shutdown, the Dollar continued to gain value against the Yen, simultaneously passing the monthly PP and the 50% Fibonacci retracement level at 113.00.

At the moment, the pair is facing no technical barriers on its way up until the weekly R2. On the other hand, there are two alleged resistance zones located between the 113.47 and 113.57 as well as 113.86 and 113.91 marks.

Moreover, the pair might be stopped near the 113.75 level, as this area represents location of an upper boundary of an alleged junior ascending channel.

There is also a need to take into account an effect from release of the US employment data, as it might either help to push the rate to the above weekly R2 or return it back to the above retracement level.


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