USD/JPY adds 20 pips on President Trump's comments

USD/JPY jumped more than 20 pips to a hit a session high of 108.13.
The bid tone around the JPY weakened, possibly due to President Trump's positive comments on trade.

Omkar Godbole FXStreet Contributor

The demand for the anti-risk Japanese Yen (JPY) weakened on the US President Trump's positive trade-related talks, allowing USD/JPY to jump by more than 20 pips

The currency pair picked up a bid at 107.89 at 00:50 GMT and clocked a session high of 108.13 by 01:00 GMT. As of writing, the pair is trading at 108.04.

President Trump, while speaking at a campaign rally in Minneapolis, said that trade talks with China are going well and that a deal could be reached.

Risk-on favors further gains

The futures on the S&P 500 are currently reporting 0.15% gains. The index gained 0.64% on Thursday, as trade talks resumed, contradicting reports released in the Asian trading hours, which said Chinese officials could cut short their visit.

Asian equities are flashing green at press time. Japan's Nikkei is currently adding 0.87% and Hong Kong's Hang Seng is up 1.26%.

USD/JPY could continue to gain altitude, unless trade talks end on a sour note, torpedoing the risk recovery. President Trump will be meeting Chinese Vice Premier Liu later today.

Technical levels

USD/JPY

Overview
Today last price	108.04
Today Daily Change	0.07
Today Daily Change %	0.06
Today daily open	107.97

Trends
Daily SMA20	107.66
Daily SMA50	106.92
Daily SMA100	107.6
Daily SMA200	109.07

Levels
Previous Daily High	108.02
Previous Daily Low	107.03
Previous Weekly High	108.48
Previous Weekly Low	106.48
Previous Monthly High	108.48
Previous Monthly Low	105.74
Daily Fibonacci 38.2%	107.64
Daily Fibonacci 61.8%	107.41
Daily Pivot Point S1	107.32
Daily Pivot Point S2	106.68
Daily Pivot Point S3	106.33
Daily Pivot Point R1	108.31
Daily Pivot Point R2	108.66
Daily Pivot Point R3	109.3

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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