US Sec of State Pompeo: US is 'increasingly at risk from China's actions'
|US Secretary of State Pompeo has crossed the wires saying that the US is `increasingly at risk from China's actions'.
FX implications
Despite such a negative comment, we are seeing USD/JPY rally to the highest levels since May 2019. Markets are risk-on due to the sentiment for improved relations between the US and China.
USD/JPY Price Analysis: Pullback to Cloud/Bollinger-Band targets could be in play
- USD/JPY has traded through 109.73 key resistance and the 2018 trendline.
- Price is stalling just ahead of the Bolinger Band (BB) top.
- Bulls looking for a discount could look to the top of daily cloud confluence area.
- Bulls can target 110.50s for confluence resistance target.
- Failures here opens risk to 100% retracement of the recent rally from 107.80s – But, 200-DMA and 23.6% Fibo confluence first critical support target.
Extra reading: USD/JPY takes on 110 handle for first time since May
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