The Dollar/Yen closed green yesterday for the 3rd consecutive day as investors continued to bid on the US Dollar expecting a possible hawkish FED after the recent strong NFP report. Today, traders' focus will shift to the several US economic figures coming out this afternoon.
The Dollar/Yen pulled back this morning after it has been trading just below the 110 (R1) key resistance yesterday. A break above this level could accelerate the gains on this currency towards 111.10 (R2). However, if price breaks below 109.50 (S1) and the 50/200-day moving averages, then a possible retest of the 109.10 (S2) will be a likely scenario.
Support: 109.50 / 109.1
Resistance: 110 / 111.10