The Dollar/Yen advanced at the beginning of the day as Japanese data once again disappointed as the Tertiary Industry Index increased in February by 0.4%, less than the 0.5% anticipated. The pair pulled back in US trading hours, as investors were unimpressed by the US data. Equities advanced, usually a bullish factor for the pair, but price remained unchanged. Earlier this morning, the Yen started to weaken against the Dollar after weak Chinese Industrial Production figures. There are no relevant data scheduled in Japan for today.
The USD/JPY is currently trading just around 111.50 (R1) and the 50-day moving average (blue line). A break above it could take the price higher towards 112 (R2). In contrast, if 111.50 level holds, then a pullback towards 111.10 could be very likely.
Support: 111.10 / 110.77
Resistance: 111.50 / 112