The USDJPY is trading tightly with the 111.00 handle ahead of Monday’s London market session open as traders brace for a week that promises to be full of trade-related headlines. What next can traders expect?
10 September, OctaFX – Monday sees a limited showing for the US Dollar on the economic calendar, but Greenback traders will be keeping their eyes peeled for any new developments on trade, specifically the US-China trade war.
This comes after the public commenting period ended last week on another raft of US President Trump’s tariffs on $200 billion worth of Chinese goods, and markets are bracing for the US to pull the trigger on the next round of the deepening Sino-US trade war.
USDJPY Trades Tightly With 111.00 Handle
Dollar-Yen pairing spinning near the 111.00 handle as traders await a direction for overall market sentiment heading into the new week, and a lower swing high on last week’s chart leaves the pair exposed to further downside as trade tensions remain piqued.
Friday’s NFP report saw a bounce in the USD on stronger wages, and later this week will be seeing inflation figures from the US’ CPI reading, but Monday will be a quiet session as traders brace for trade war news.
USDJPY Chart, 1-Hour
Support 1:110.85 (current day low)
Support 2:110.38 (previous week low)
Support 3:110.00 (major technical level)
Resistance 1:111.11 (200-hour EMA)
Resistance 2:111.24 (Friday swing high)
Resistance 3:111.75 (previous week high)
This article about USDJPY Trades Tightly With 111.00 Handle was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.