The Dollar/Yen attempted to break below this recent consolidation zone as Japanese National Core CPI beat market expectations, but a much better US data kept the Dollar strong and firm. Equities closing higher on the day also helped the Dollar to find balance against the Yen. The overall sentiment remains bullish despite the tight range and lack of momentum on this pair. We expect another slow day today, as most major markets are closed for Good Friday.
The Dollar/Yen is still trading over and under 112 (major resistance level). If the bulls successfully break above this level, then the next major resistance area is 112.30-40. However, failure to hold above 111.80, then price will likely pull back to retest the 111.60 neckline. As long as price remains above 111.60, then the bias will remain with the bulls.
Support: 111.50 / 111.25
Resistance: 112 / 112.30