USD/JPY adds 20 pips on President Trump’s comments

0
  • USD/JPY jumped more than 20 pips to a hit a session high of 108.13. 
  • The bid tone around the JPY weakened, possibly due to President Trump’s positive comments on trade. 

The demand for the anti-risk Japanese Yen (JPY) weakened on the US President Trump’s positive trade-related talks, allowing USD/JPY to jump by more than 20 pips 

The currency pair picked up a bid at 107.89 at 00:50 GMT and clocked a session high of 108.13 by 01:00 GMT. As of writing, the pair is trading at 108.04. 

President Trump, while speaking at a campaign rally in Minneapolis, said that trade talks with China are going well and that a deal could be reached. 

Risk-on favors further gains

The futures on the S&P 500 are currently reporting 0.15% gains. The index gained 0.64% on Thursday, as trade talks resumed, contradicting reports released in the Asian trading hours, which said Chinese officials could cut short their visit. 

Asian equities are flashing green at press time. Japan’s Nikkei is currently adding 0.87% and Hong Kong’s Hang Seng is up 1.26%. 

USD/JPY could continue to gain altitude, unless trade talks end on a sour note, torpedoing the risk recovery. President Trump will be meeting Chinese Vice Premier Liu later today. 

Technical levels

 

Get the 5 most predictable currency pairs

About Author