The Dollar/Yen falls slightly lower following a drop in both US Treasury yields and global stock indices. The greenback lost some steam as the 10-year Treasury yield fell below the 2.90% mark, while the Yen gained as demand for safe haven currencies increased after a drop in global stock indices. For today, the Dollar/Yen pair is expected to continue to be driven by the performance of both US Treasuries and global equities.
Although the Dollar/Yen fell on Friday, general price momentum remains bullish given that prices are trading above the three major moving averages. Moreover, prices also continue to trade above the 113.38 support level, previously a key resistance level. If pricing continue to reject the break below the 113.38 support then a rise towards 113.80 is expected.
Support: 112.89/ 112.50
Resistance: 113.38 / 113.85