USD/JPY: Kicking off the Tokyo session on the front foot, rallies > 20 pips

Friday, 18 January 2019 08:26 WIB



USD/JPY started off the day overnight down at 108.68 and went on to score a NY session high of 109.40 following speculation that the Sino/US trade spat was about to be resolved due to headlines that Treasury Sec. Mnuchin was in favour of lifting the tariffs in a bid to calm markets and ease tensions with Beijing.

However, there were conflicting headlines reporting that the Treasury said there were no recommendations made on tariffs.  And then, coupled with heightened tensions over the arrest of Huaweii CFO Meng and China's retaliation two Canadians arrested as a consequence, risks are far more skewed towards prolonged trade wars than a finding a resolution to them anytime soon.

USD/JPY levels

Support levels: 108.65 108.30 107.90         

Resistance levels: 109.40 109.85 110.10

Source : Fxstreet


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