Trump's flexibility on tariff deadline is adding to the bullish tone around USD/JPY, and with the Japanese GDP (QoQ) down 0.3% vs 0.4%, adding pressure on the Yen, the USD/JPY pair may break above 111.00 if equities remain in this current upbeat state, courtesy of easing US-China trade tensions. Trump's willingness to let the March 1 deadline to raise tariffs on Chinese products pass without penalty seems to have put a bid on riskier assets.
The Dollar/Yen touched 111.10 yesterday as expected, currently price is trading just below this resistance level, a break above it could take price higher towards 111.40 (R2) and possibly even 112.30 (R3) if this bullish momentum persists. If 111.10 (R1) acts as a resistance, price will likely pullback towards 110.50 or even 110 (S1).
Support: 110 / 109.60
Resistance: 111.1 / 111.40 / 112.30