The Dollar/Yen continues to range between the 107.70 support and 108.61 resistance as investors remain indecisive about the future direction of global equities. For now, the pair is trading close to the lower end of the range as global equities are kicking off the week on a bearish note. Equities are trading lower mainly due to the worse than expected export figures from China.
The Dollar/Yen ranges between 107.70 and 108.61. The pair is also ranging around the 13-period moving average as a reflection of indecision between investors. The next directional bias will be determined after the break outside either side of the range. The break above 108.61 will pave the way for a rise towards 109.20, while a break below the 107.70 support will pave the way for a drop towards 107.10.
Support: 107.70 / 107.10
Resistance: 108.61 / 109.20