The Dollar/Yen fails to make an impact at the beginning of the week as the drop in the US Dollar is offsetting the rise in US equities. The US Dollar dropped after President XI and President Trump reached an agreement to ease trade tensions between the US and China, with both sides agreeing to reach a trade deal in the next 90 days. Note that the drop in the US Dollar is not allowing traders to benefit from the rise in US equities, since a rise in equities drives investors away from the Japanese Yen towards risky investments such as stocks.
The pair is trading within a key resistance level which also coincides between the 13 and 50-period moving average. Such behavior around this level is indicative of indecision between market participants. A break above the 113.68 will signal that the bulls have taken control and a rise towards 114.20 is expected. A break below the 113.32 mark will indicate that bears have taken control and will lead to a drop towards 113.07.
Support: 113.32/ 113.07
Resistance: 113.68 / 114.20