The Dollar/Yen continues its rise as global equities rally. The correlation between the Dollar/Yen pair and the performance of global equities remain evident. For now, US equities are dragging other equities higher given the strong spending results during both Black Friday and Cyber Monday. According to analysts, spending during this season's Black Friday outpaced 2017's figures by 18%. For today, the Dollar/Yen will continue to be driven by the performance of global equities as positive sentiment surrounding the stock market steer away investors from safe haven bets such as the Yen. Additionally, investors need to also monitor the release of the US Consumer Confidence report as it will affect the pair from the US Dollar's side.
The pair continues its upward trajectory as moving averages point upwards alongside prices. Prices are currently trending around a key resistance level around 113.50 and 113.71 which means that the next leg up will only take place if prices break above this level. The break above the 113.71 resistance will pave the way for a rise towards the next key resistance level at 114.20.
Support: 113.11/ 112.42
Resistance: 113.71 / 114.20