Forex Market News FX charts. : USD/JPY 5/29

Wednesday, May 29, 2019

USD/JPY 5/29

The US dollar is stronger this morning, although not markedly so. This follows on from a modestly stronger performance overnight, notably against the euro (EUR) and the sterling (GBP) both of which are suffering in the aftermath of the European elections and Italian budget woes.

Regional currencies are holding their own for now, but the sentiment remains fragile, and it will not take a lot for investors to hit the exit button on emerging markets and therefore many of the Asian regional currencies.

In Japan, the USD/JPY fell as investors bought yen on safe-haven flows, leaving the cross at 109.40. Strong technical support lies at 109.00 with any negative pronouncements from Trump or escalations on the trade front possibly setting off a test of this level. A daily close below 109.00 implies a deeper correction to USD/JPY is imminent.

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