Яндекс.Метрика USD/JPY inches above 108.00 as trade optimism continues to grow – Technologies of the future for life!
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USD/JPY inches above 108.00 as trade optimism continues to grow


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USD/JPY moves to a session high of 108.13


ForexLive

Buyers managed to establish a more near-term bullish bias after breaking the 200-hour MA (blue line) earlier today and now they’re looking towards extending gains above the 108.00 handle. Equities are in a brighter mood and an earlier report suggesting a trade truce has been reached prior to the Trump-Xi meeting is helping to fuel things further.
The Nikkei and Shanghai Composite are both up by 0.9% while US equity futures are pointing to gains of 0.3% at the moment. That said, changes in Treasury yields are more modest but so far the current sentiment is enough to push the yen lower on the day.
With Trump and Xi only set to meet on the weekend itself, it could potentially be a coin flip as to how risk assets will be affected come Monday open next week. As such, there’s reason to be optimistic but I reckon some hints of caution as well would not be misplaced.
Looking ahead to trading today for USD/JPY, there are large expiries reported at 108.00 so that could play a role in limiting price gains over the next few sessions with further resistane seen closer to ~108.20 before offers are noted at 108.50.

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