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USD/JPY sellers look poised; patient as US-China trade talks awaited


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USD/JPY continues to linger under the 110.00 handle


ForexLive

Sellers are starting to feel more comfortable with price hovering under the figure level but as of yet, the March low @ 109.71 is yet to be breached and that remains a key support level for the pair in the sessions ahead.
But with US-China trade talks still waiting in the wings, sellers can’t really chase a move to the downside for now in fear that a deal is struck and sentiment reverses. Right now, market participants are more cautious as we await further developments.
If Trump does follow through with tariffs, expect risk sentiment to take a further knock and that should precipitate a further move lower in USD/JPY – especially if China is looking to retaliate against such measures.
A break below the March low of 109.71 will open up a slippery slope for the pair that could see price fall towards the February low of 108.50 next.
On the flip side though, if we do see more positive developments come about in Washington, expect USD/JPY to recover strongly on the back of a more optimistic mood in equities. I reckon a nudge towards the 200-day MA (blue line) near 111.50 will very much be on the cards over the coming sessions if a deal were to be struck.

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