Risk-off was the overriding theme overnight.....>

YEN: Risk-off was the overriding theme overnight following President Trump's

remarks that Chinese leaders had 'broke the deal'. JPY comfortably holds top of

the pile with solid gains across the board.

- USDJPY touched lows of Y109.83, targeting a break of the Mar 25 low at

Y109.71. Below here opens the 50% retracement level of Y104.56-114.55 at

Y109.56, ahead of the 3% Lower Bollinger band at Y109.40.

- EURJPY dipped under Y123.00 to print 4-month lows of Y122.91. Key support

remains at Y122.59 from the Jan 4 low, ahead of the 61.8% retracement of the

2019 range at Y122.07.

- GBPJPY breached the key Y143.70-90 support zone yesterday as highlighted in an

analysis email (GBPJPY Breaks Key Support Zone). The downtrend extended through

Y143 to print lows of Y142.88. The Feb 19 low at Y142.48 provides next support.

- On a technical basis JPY crosses are starting to display oversold conditions 

on a number of indicators, including RSI & MACD.