USD/JPY is back above 116.00, for how long?
|The Dollar-Yen pair is back above 116.00 levels; however, whether or not it stays above the psychological levels is largely dependent on what Trump says during his speech later today.
Focus on Trump speech
US President Elect Donald Trump and his transition team have informed the news conference will be at 11 a.m. Eastern time on Wednesday. Trump’s comments on China could influence the broader market sentiment and the demand for the Japanese Yen.
In case, Trump ups the ante against China, the resulting risk-off could trigger a sell-off in the Dollar-Yen pair.
USD/JPY Technical Levels
The spot was last seen trading around 116.15 levels. A break above 116.22 (1-hour 50-MA + 1-hour 200-MA) would open the doors to 116.71 (1-hour 200-MA). A violation there could see the spot test supply around 117.00 (zero figure) levels. On the other hand, a breakdown of support at 116.00 (zero figure) could yield a re-test of 115.67 (session low) and 115.00 (zero figure) levels.
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