The Dollar/Yen pair is on the rise during today's early trading as investors stay away from the safe haven Yen following the rise in global equities. Global equities are on the rise as investors feel optimistic about the outcome of the UK Parliament's Brexit vote. For today, investors need to keep an eye on the performance of equities as it serves as a good gauge of investor sentiment.
The Dollar/Yen ranges between 107.70 and 108.77 as investors are still indecisive about the future direction of the pair. A rise above 108.77 will confirm the break above the 50-period moving average signaling bullish momentum and open up the path for a rise towards the 109.20 resistance level. On the other hand, the break below 107.70 will pave the way for a drop towards 107.10 and confirm the existence of bearish momentum as prices will begin to trade below both the 13 and 50-period moving averages.
Support: 107.70 / 107.10
Resistance: 108.77 / 109.20