The Dollar/Yen rises as risk appetite improves driving investors away from the safe haven Yen. The improvement in risk appetite came after global stocks recovered from their weekly slump which helped push the Dollar/Yen pair higher. Given that the US market will be closed today due to Thanksgiving, we expect no major moves from the Dollar/Yen pair.
The pair rises above the 200-period moving average but rejects breaking above the 50-period moving average. The next leg up will only occur if prices break above the 50-period moving average. The break above the 50-period moving average will expose the next key resistance level at 113.65.
Support: 112.42/ 111.95
Resistance: 113.11 / 113.65