The Dollar/Yen remains slightly unchanged as US equities did not yet make any significant move. Yesterday, US equities were mixed and the same goes for today’s performance of US equity futures. On a day to day basis, the Dollar/Yen is up slightly by 0.1% and this may be attributed to the decrease in demand for the safe haven Yen following yesterday’s news suggesting that US-China trade negotiations are back on track.
The pair is currently ranging around the 114.03 resistance level as an indication of indecision between traders. Depending on the performance of US equities, the pair will either break above the 114.08 mark paving the way for a rise towards 114.50 or break below the 50-period moving average signaling a shift in the medium term momentum of the pair and a drop towards 113.34.
Support: 113.56 / 113.34
Resistance: 114.08 / 114.50