“¢ Gains traction for the second straight session amid the continuation of the recent USD rally. “¢ US-China trade optimism/risk-on mood dent JPY’s safe-haven demand and remains supportive. The USD/JPY pair built on the overnight goodish up-move and climbed to over six-week tops, further beyond mid-110.00s on Tuesday. Despite increasing chances of another partial US government shutdown, the US Dollar stood tall near 2019 high and was seen as one of the key factors driving the pair higher for the second consecutive session. This coupled with renewed optimism over a possible resolution of the US-China trade disputes and the prevalent risk-on mood further dampened the Japanese Yen’s relative safe-haven status and remained supportive. Investors’ risk-appetite got a boost following White House senior counsellor Kellyanne Conway’s comments on Monday, saying that the US President Donald Trump may still meet Chinese President Xi Jinping in the near future and that it looks like the US and China are getting closer to deal. Hence, this week’s high-level US-China trade talks, along with important US macro releases will play a key role in driving the broader market risk sentiment and eventually determine the pair’s next leg of a directional move. In the meantime, today’s scheduled speeches by several FOMC officials, including the Fed Chair Jerome Powell will also be looked upon for some meaningful impetus and short-term trading opportunities. Technical outlook Omkar Godbole, FXStreet’s own Analyst and Editor explains, “a convincing break above the bearish 10-week MA of 110.57 may remain elusive, as the RSI on the hourly chart is beginning to diverge in favor of the bears. The RSI on the 4-hour chart is also reporting overbought conditions with an above-70 print.” “Put simply, the 10-week MA hurdle is likely to remain intact and the psychological support of 110.00 could be put to test again. The pair, however, could make a move above 111.00 by NY close if the yield differentials spike in the USD-positive manner,” he added further. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next JPY futures: downside could be losing momentum FX Street 3 years "¢ Gains traction for the second straight session amid the continuation of the recent USD rally. "¢ US-China trade optimism/risk-on mood dent JPY's safe-haven demand and remains supportive. The USD/JPY pair built on the overnight goodish up-move and climbed to over six-week tops, further beyond mid-110.00s on Tuesday. Despite increasing chances of another partial US government shutdown, the US Dollar stood tall near 2019 high and was seen as one of the key factors driving the pair higher for the second consecutive session. This coupled with renewed optimism over a possible resolution of the US-China trade… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.