The Dollar/Yen rises once again as equities continue to push higher. The Dollar/Yen’s rally continues to be supported by a strong performance from global stocks as the positive economic and stock market sentiment pushes investors away from safe haven bets/assets such as the Yen. Additionally, the pair was also supported by a strengthening US Dollar following the release of the better than expected US Consumer Confidence report. For today, the focus will be on the result of the US GDP report and Fed Powell’s rhetoric during his New York speech today.
The pair broke above 113.67 exposing the next key resistance level at 114.20. For now, momentum is clearly bullish as prices continue to trend above the 13-period moving average. Investors need to keep in mind that there is a chance that the 113.67 mark may be revisited in order to confirm the significance of this level.
Support: 113.11/ 112.42
Resistance: 113.67 / 114.20