- USD/JPY has been better bid at the start of this week.
- The Kijun, 100-hour MA and the hourly cloud base in 109.80s and 200-D SMA at 110.19 were all broken.
USD/JPY is making tracks to the upside as the N.Korea and US summit gets underway. USD/JPY has crucially taken out the 200-D SMA in Tokyo and made a high of 110.49 from an overnight low of 109.75 and an Asian low of 110.03.
- North Korea / U.S. summit update: meetings between staffs and representatives are going well and quickly – Trump
USD/JPY has been better bid at the start of this week, despite the disappointments from the G7 and the vast number of key events that could really set a tone for the rest of the year. We have not only the summit getting underway today between Trump and Kim, but the BoJ, ECB and Fed as well as plenty of key economic data across the globe.
How has the yen performed?
USD/JPY was up 0.5% at the start of this week with bulls closing in on the 200-D SMA once again, where an improved tone of risk appetite kept the bears at bay. The key event to this week will come in the ECB and Fed, (BoJ is a no-brainer really, although could well underpin the upside in USD/JPY). The question around the Fed, however, is how dovish the Fed will be?
- How Dovish will the Fed be? – AmpGFX
USD/JPY levels
The Kijun, 100-hour MA and the hourly cloud base in 109.80s were all broken, giving way to this break on the 110 handle and through the 200-D SMAopening risk towards May’s 111.39 peaks.
111.50 comes as an option barrier that stood strong previously, lying just above the 110.39 May high in a congested area where the 161.8% of May low & 76.4% of May drop is located. On the wide, the 112.30’s, (Fibos at 112.22/33) remain key upside target. A drop below the Tenkan prop at 109.19, bears can look to the 55-DMA & daily cloud top around 108.60. 108.05, (100-D SMA), guards a run towards the mid-107.00s with the 2018 low at 104.56 in focus on the downside.
Share
