News & Analysis
Eightcap Forex technical insights; Yen surges as Global uncertainty stacks up
Growing global tensions have sent safe-haven currencies surging over the last 24 hours.
The Japanese Yen being the main mover; tensions between the U.S. and China appeared to be easing but new comments from President Trump sent slivers though markets last night – Trump has also cast doubt on a meeting with Kim Jong Un in June – In Europe, doubts are swirling around the suitability of the nominated Italian prime minister- The Turkish lira sinks to record lows as monetary policy is queried.
The JPY has been the clear winner, notching up solid gains to all of the majors since last night’s NY session. The hardest hit have been the risk majors, GBPJPY -200 pips EURJPY -184 pips and the AUDJPY -125 pips. The USDJPY trading 107 pips lower in tonight’s London session. The EURJPY and GBPJPY have broken key low’s tonight and the USDJPY at this point has broken its multi-month uptrend line tonight.
Taking a look at some of the daily charts below, you can see just how aggressive the selling have been in today’s Asian and London sessions.
Good trading from Eightcap
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