Traders continue to keep an eye on the trade war between the U.S. and China with the decision being made that the tariffs will take effect in 6 days, on the 24th of September. There are no vital reports coming from the U.S. during today’s session. Moreover, USD/JPY traders will keep an eye on the BOJ Press Conference during Wednesday’s session which still has a tentative timing.
The U.S. Dollar rallied against the Japanese Yen during Tuesday's session. This move towards new highs seems to be correlated with the movement of the U.S. stock market. In today's session the Dollar/Yen may find its way towards the 112.43 figure. Once it reaches that level it may have a slight pullback in the short-term but may find itself breaking the 112.43 resistance and reaching higher levels in the longer term.
Support: 111.96 111.86
Resistance: 112.43 112.50