Safe havens were mixed yesterday with the Japanese Yen inching higher despite gold prices succumbing to a stronger dollar. The USDJPY pair is now bouncing back from our key support level at ¥108.40, however, on the short-term timeframe, the trend is still down despite a widening interest rate differential between the two countries. A sustained move above the 50-period moving average will pivot the trend back to the upside.
Support: 108.40 / 108
Resistance: 108.65 / 108.85
