USD/JPY pressured on Barcelona terror, Trump trouble


A van ran into a large crowd in Barcelona’s famous Les Rambles avenue, killing 13 people and injuring many. As far as we know, the perpetrator is still at large. Later last night, another car ran into people in Cambrils, a southern town in Catalonia. Another incident happened in Alcanar and arrests were made in other places in the northeastern region of Spain.

Islamic State claimed responsibility for the atrocities. The event has not ended and police are still conducting a hunt for the main suspect and others. Personally living in Barcelona, I stayed at home, following the news and hearing a helicopter in the air. Luckily all the people in my circles are safe. though one person has witnessed the attack and is naturally shocked.

Safe haven yen, Trump trouble

The deadly attacks have had a dampening effect on markets. The bad mood pushed flows into the safety of the yen. Stocks are down. USD/JPY is trading around 109.23, drifting lower. Support is around 108.80, followed by 108.10.

The horrific attack in Barcelona was accompanied by the ongoing issues of President Donald Trump. His failed response to the terror in Charlottesville has already triggered the disbanding of advisory economic councils. Another council, related to infrastructure, was in the works, but will probably not happen.

Yesterday, there were rumours that Gary Cohn, Trump’s top economic advisor, decided to quit. The rumours did not prove to be true, but we know that Cohn is badly disappointed with Trump’s behaviour. A departure by Cohn would leave fewer economic “adults in the room” around the president.

More: JPY: Why NK Risk-Driven Price-Action Is Different? Why 108s Key – BofAML

Get the 5 most predictable currency pairs

About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

1 Comment