The Dollar/Yen ranges around the 13-period moving average as investors await the release of the NFP report from the US. This NFP report is uniquely important since it comes in a week where the US Federal Reserve made several dovish remarks surrounding the future of the US economy. A disappointment in the NFP numbers will confirm and justify the Fed's rhetoric and push the greenback lower, while strong NFP numbers will undermine the Fed's negative comments and push the greenback higher.
The Dollar/Yen continues to trade below the 109.11 resistance as bearish momentum remains in place. The pair's momentum is clearly bearish as prices refuse to break above the 13-period moving average. However, this might change if the NFP report prints positive which will allow for a break above the resistance level and a rise towards 110.10.
Support: 109.11 / 108.35
Resistance: 109.50 / 110.10