The Dollar/Yen pair continues to slowly track higher as investors' sentiment improves. This is attributed to expectations that the US and China will end or at least pause their current disagreement surrounding trade relations. An improvement in investor sentiment decreases the demand for safe haven assets and currencies which is why the Yen is weakening. Additionally, a bullish bias is on the rise as global equities are recovering from last month's slump. For today, the pair will be mainly driven by any developments surrounding the US/China trade talks and the release of the Fed Meeting Minutes.
Prices are on a minor uptrend after breaking above the 108.63 resistance. The break above the 108.63 resistance signals a rise towards the next resistance level around 109.20. The 109.20 resistance level also coincides with the 50-period moving average which makes this level more relevant. In a sense, the break above this level will not come easily but if such event occurred, it will lead to a strong fresh surge in prices.
Support: 107.75 / 107.10
Resistance: 108.63 / 109.20