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  • Bloomberg is reporting that President Trump has asked the cabinet to draft a possible trade deal with China. The news comes after Trump and Xi’s telephonic conversation ahead of the G-20 Summit.
  • The news is helping the CNY, risk currencies and most majors score gains against the US dollar. The anti-risk Japanese yen, however, is on the defensive against the greenback. The price action in the FX markets is indicative of a solid risk-on action during the day ahead.
  • The USD/JPY witnessed a falling wedge breakout a few minutes before press time and is currently trading at 113.00. The pattern indicates a resumption of the rally from the Oct. 26 low of 111.38 and could yield re-test of the recent high of $113.38.
  • The RSI on the hourly chart has also turned bullish above 50.00.

Hourly Chart

Trend: Bullish

USD/JPY

Overview:
       Last Price:  112.73
       Daily change:  2.0  pips
       Daily change:  0.0177%
       Daily Open:  112.71
Trends:
       Daily SMA20:  112.55
       Daily SMA50:  112.3
       Daily SMA100:  111.67
       Daily SMA200:  109.91
Levels:
       Daily High:  113.06
       Daily Low:  112.6
       Weekly High:  112.9
       Weekly Low:  111.38
       Monthly High:  114.56
       Monthly Low:  111.38
       Daily Fibonacci 38.2%:  112.77
       Daily Fibonacci 61.8%:  112.88
       Daily Pivot Point S1:  112.52
       Daily Pivot Point S2:  112.32
       Daily Pivot Point S3:  112.05
       Daily Pivot Point R1:  112.98
       Daily Pivot Point R2:  113.26
       Daily Pivot Point R3:  113.45