The Dollar/Yen advanced for a fourth consecutive day, breaking above the 200 SMA and currently testing a multi-month trend line. This counter-trend move was supported by rising US Treasury yields, as the yield of the benchmark 10-year note surged to 1.14%, its highest since March of last year. As long as the bond yields keep on rising, then the pair has still much room to the upside. If 104.30 is taken out, then 104.70 will be our next target.
Support: 104 / 103.60
Resistance: 104.30 / 104.70
