USD/JPY bears remain in control in Tokyo, eyes now on 109.10

Ross J Burland FXStreet

USD/JPY is currently trading at 1110.52 with a high of 111.39 and a low of 110.41.

BOJ Summary of Opinions – Appropriate to pursue powerful monetary easing

USD/JPY dropped at the start of this week following the weekend news and headlines around the US House of Representatives unable to agree on an alternative to the Affordable Care Act. The dollar was sold off across the board but most notably vs the yen and euro.

The dollars initial reaction last week on the news was mixed, perhaps due to the prospect of bringing forward tax reform may have appeased investors. However, the market's main concern is whether Trump has the ability to get other key parts of his agenda, including tax cuts and a boost in infrastructure spending, through Congress or has the capacity to govern effectively.

A major setback for the Trump trade - ANZ

USD/JPY levels

USD/JPY is now vulnerable to further weakness to 109.10 the 50% retracement and the 108.21 200 day ma according to analysts at Commerzbank." Note the 200 week ma lies at 110.11 and the 55 week ma lies at 108.55.Please also note that the Elliott wave count on the daily chart suggests that this is the end of the down move." However, the analysts explained that rallies will find initial resistance at 113.50/63 on the wide but said that only above 115.62, would they look for a challenge to the key short term resistance offered by the 16-month resistance line at 117.55.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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