The Dollar/Yen managed to add some ground, extending its weekly gains up to 111.57, amid the equities bullish sentiment and another weak Japanese figure released at the beginning of the day. Japan's Nikkei Services PMI printed 52.0 from 52.3 in February, indicating that the economic slowdown steepened in the first quarter of the year. A better risk environment and below expected US figures, limited the upside for the pair. Today, the focus will be shifting to the US Initial Jobless claims, ahead of the US NFP report tomorrow.
The USD/JPY couldn’t break above 111.50 (R1) key resistance for the second day in a row. Failing to do so, price could retrace back to 111.25 (S1) and consolidate in this range until a break to either side occurs.
Support: 111.25 / 111.1
Resistance: 111.5 / 111.7 / 111.9