The US Dollar was pushing lower against the Japanese Yen on Wednesday. Bears, however, failed to earn massive gains, as a fall below the 107.15 mark was restricted by the 55– and 200-hour simple moving averages.
The expected bullish push was provided during the Asian session when the pair gained 27 pips and touched the monthly R1 at 107.53. The pair should maintain its up-trend in this session, as well. Apart from the aforementioned monthly R1, the next significant resistance is set by a trend-line circa 107.80.
Meanwhile, the prevalence of the bearish sentiment should send the pair towards the 55– and 200-hour SMAs. Given lack of data releases today, a further decline is unlikely.
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