The Dollar/Yen rises slowly in parallel with the performance of US equities. For now, the main driver of the Dollar/Yen pair is sentiment and risk appetite. Whenever global equities and specifically US equities rise , the Dollar/Yen rises as the Yen loses demand alongside other safe haven assets and currencies. For today, traders need to continue monitoring the performance of US equities in guiding them through their Dollar/Yen trades.
The Dollar/Yen continues to trend slightly above the 13-period moving average as an indication of short term bullish momentum. Most recently, the pair also managed to break above the 109.50 resistance, paving the way for a rise towards the next resistance level at 110.10. Note that the 110.10 resistance level coincides with the 200-period moving average (purple).
Support: 108.93 / 108.59
Resistance: 109.53 / 110.10