The Dollar/Yen remains flat as traders witness opposing drivers to the pair. On one side, the US Dollar is strengthening due to last week’s hawkish remarks from the US Federal Reserve. On the other side, the Yen is strengthening as fear in the market grows following yesterday’s drop in US equities. For today, expectations point towards no significant fundamental change from the US Dollar’s side as no economic event related to the greenback is set to be released, hence, traders will need to mainly focus on the performance of US equities to determine the intra-day direction of the pair.
The Dollar/Yen's bias remains bullish as the pair continues to trend above the 13-period moving average. As presented by the chart below, traders are attempting to break the 114.03 resistance for the second time with the desire to push the currency towards the next key resistance level at 114.50.
Support: 113.63 / 113.34
Resistance: 114.03 / 114.50