The Dollar/Yen rises as the BoJ applies a downward revision on its Japanese inflation projections. Through its monetary policy statement during the Asian trading session, the BoJ made several dovish remarks with the inflation downward revision being the most notable. For today, investors will continue to digest the BoJ's inflation revision while also monitoring any announcement related to the US/China trade war.
The Dollar/Yen breaks above the 13-period moving average signaling a possible rise towards the next resistance level at 110.10. Before breaking above the 13-period moving average, the currency rejected and bounced off the 50-period moving average reflecting strong bullish momentum.
Support: 108.93 / 108.59
Resistance: 109.53 / 110.10