The US dollar initially went sideways on Friday, but then broke down against the Japanese yen as Janet Yellen gave a somewhat dovish speech in Wyoming. Because of this, I think that the market is going to continue to consolidate overall. The 110 level above is massively resistive, so it’s going to take a significant turn in attitude to break above there. I do see a significant amount of support at the 108.50 level though, so I believe we will simply bounce around between these two levels over the next several sessions.
Written by FX Empire