The Dollar/Yen ranges between 107.75 and 108.63 as two fundamental conditions cancel each other. On one end, the Dollar is weakening following dovish comments from Fed Powell who cited that the Federal Reserve will be cautious and flexible in regards to monetary policy. On the other end, the Yen is also weakening as sentiment in the market improved decreasing the demand for safe haven currencies such as the Yen. Sentiment in the market improved after the US stock market strengthened following the same comments (mentioned earlier) from Fed's Powell as dovish remarks ease concerns regarding future growth tightening from the US central bank.
The pair is currently trading around the 13-period moving average signaling indecision among traders. The next move will come after a break outside either side of the range. The break above the 108.63 resistance will pave the way for a rise towards the 109.20 resistance level, while a break below the 107.75 support will pave the way for a drop towards the 107.10 support level.
Support: 107.75 / 107.10
Resistance: 108.63 / 109.20