The Dollar-Yen remains in a sideways action showing signs of exhaustion with lack of any catalyst to revive the market participants. The US/China trade situation continues to be the same, so ultimately that will keep this market relatively quiet and stagnant in this area. Equities seesawed between gains and losses, but most indexes closed in the green, US Treasury yields remained mute throughout the day, also underpinning the pair. Today, the same will likely repeat unless we see a big move in Equities or Gold to lead the way for the pair.
The Dollar-Yen broke above the Bullish Flag pattern and the 50-day moving average is acting as a nice support, however, lack of momentum is keeping the pair directionless for now. The bulls need to close above 108.70 for further gains to the upside and the bears need to take out 108.45 for a deeper pullback towards 108.30.
Support: 108.45 / 108.30
Resistance: 108.70 / 108.90