The Dollar/Yen continues its rise as US and global equities push higher amid improved investor sentiment. Sentiment in the market has improved lately, paving the way for an upsurge in demand for equities and other risky assets. The surge in demand for risky assets decreased the demand for safe haven assets and currencies such as the Japanese Yen. As no economic data is expected to be released from either the US or Japan, the main driver of the pair will be the performance of global equities and mainly US stocks.
The Dollar/Yen continues to rise following the break above the 109.28 resistance. The next key level to monitor is around the 110.10 resistance level which also coincides with the 200-period moving average (purple). On a short term basis, momentum remains strong as prices continue to trend above the 13-period moving average.
Support: 108.59 / 107.70
Resistance: 109.28 / 110.10