The Dollar/Yen fell on Friday approaching to the yearly low 107.77 as fears of a global economic slowdown keep growing. With the ongoing trade tensions between US-China and US-Mexico, China’s and Germany’s slowing economy, Fed’s monetary policy issues, all of them combined are weighing on investor’s sentiment, as a result the anti-risk Yen’s demand remains high. Lower treasury yields and weaker equities also helped the Yen to stay bid throughout Thursday and Friday. Looking ahead, traders will focus on today’s PMI numbers from different major economic countries, an overall weaker data will dent the sentiment even further and will likely push the Yen higher.
The Dollar/Yen kept falling during Friday's session until price found support today morning at 108.07. A counter-trend move towards 108.50-60 is likely for the bulls, however if they fail to break above it, then price could rollover and possibly head to the yearly low 107.77 for a retest.
Support: 108.07 / 107.77
Resistance: 108.50-60 / 109