The dollar/yen dropped towards 103.50 yesterday amid falling equities and a sour sentiment, mainly triggered by New York city lockdown fears. Despite the risk off sentiment, traders remain in a bullish mood, knowing that another round of a stimulus package is just around the corner. We still think the pair is heading higher near-term. Today, any sign of progress in the US stimulus negotiations will boost the pair towards the 200-SMA.
Support: 103.90 / 103.70
Resistance: 104.20 / 104.75
