The global equities’ limited gains on Friday failed to create any momentum on the USD/JPY. Japanese banks will be closed today as it is the National Foundation Day and thus no relevant data will be released; investors will focus on the global equity markets to establish a bias in direction.
The Dollar/Yen price battle remains a stalemate as market participants trying to break from the 109.60 (S1) and 110 (R1) range. We are patiently waiting for a breakout to either side to confirm the next possible trajectory on this pair.
Support: 109.50 / 109.1
Resistance: 110 / 111.10