The Dollar/Yen breaks above the 109.20 resistance level as US stock rise. During yesterday's US trading session, the market experienced a strong rise in US equities which strengthened sentiment and drove investors away from safe haven currencies such as the Yen. For today, investors need to continue monitoring the performance of equities globally as it will help guide them through their Dollar/Yen bets. Investors need to note that the Michigan Consumer Sentiment figure, set to be released later during the day, will have an impact on both US equities and the US Dollar.
The pair bounces off of the 13-period moving average as a signal of bullish momentum. After the bounce off of the 13-period moving average, the pair rose and broke above the 109.20 resistance paving the way for a rise towards the 110.10 resistance level.
Support: 108.59 / 107.70
Resistance: 109.20 / 110.10