The Dollar/Yen fell yesterday as equity buyers struggled to stay bullish just on hopes the US and China will come to an agreement. BOJ's Kuroda offered a speech, in which he hopes that the Chinese economic growth will pick up later this year, somehow expressing the central bank's concerns about economic developments in the neighbor country. In economic news, Japan’s final Coincident Index slid to a level of 101.8 in December from 102.9 in January. The final Leading Economic Index declined to 97.5 in the same month vs. the previous 99.1.
The Dollar/Yen kept falling after it retested 111.10 (R1) in yesterday’s session. The bulls are starting to lose momentum as price broke below the 50-day moving average signaling a possible pullback towards 110 (S1).
Support: 110 / 109.60
Resistance:111.1 / 111.40