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JPY is on the back foot as safe havens are......>

YEN
YEN: JPY is on the back foot as safe havens are edging lower following the
announcement that US President Trump is set to meet with North Korean leader
Kim.
- USDJPY trades  at highs above 106.60, with EURJPY piercing 131.30 & AUDJPY
last at 83.05.
- USDJPY bulls need a close above Y107.19 to ease bearish pressure. Above
Y108.03 is needed to hint at a correction to Y109.79-110.47 with above Y108.42
to confirm. Daily studies have room to move before O/S becomes an issue. Bears
now need a close below Y105.22.
- In EURJPY bears now look for a close below Y129.33 to initially pressure the
55-WMA and reconfirm overall focus on Y125.80-127.54, Bulls now need a close
above Y132.18 to ease bearish pressure and shift initial focus to Y133.05-134.16
where 55 & 100-DMAs are situated.
- AUDJPY topside follow through is a little lacking with bulls still needing a
close above Y83.32 to gain breathing room and above Y84.89 to target key DMAs
clustered Y86.29-59. Bears now need a close below Y82.03 to gain breathing room.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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