USD/JPY rises to weekly highs above 109.00 after Trump’s speech


  • Market sentiment improves after US President speech on Iran. 
  • Demand for safe-haven assets extend slide, Wall Street hits new highs. 

The USD/JPY broke above 108.80 and climbed to 109.10, reaching the highest level since December 30. As of writing, it is hovering slightly above 109.00 with a robust bullish tone 135 pips above the Asian session low. 

Trump’s speech: no escalation, more sanctions 

US President Donald Trump delivered a statement about the crisis with Iran. He started mentioning no American was wounded during the missile attack on military bases in Iraq. He said the US will impose more powerful sanctions on Iran. Trump is now looking for a new deal with Iran and he wants NATO to increase its participation in Middle East operations. 

His words were taken biased toward de-escalating in tensions according to the initial market reaction. Wall Street jumped to new record highs while gold prices tumbled. Crude oil collapsed with the WTI barrel falling under $60.00. 

The Japanese yen tumbled across the board while at the same time the greenback remained strong versus main European currencies but lost ground against emerging market currencies. 

USD/JPY breaks more resistance, back in the recent range 

The pair is trading above 109.10, now looking at the 109.15/20 resistance that if broken, could lead to a test of 109.30. If the greenback keeps rising, the 109.70 zone will again be on the radar. The mentioned level is critical and a daily close on top would open the way to more gains. On the flip side, now 108.85 is the immediate support followed by 108.45 and then comes 108.25. 
 

 

USD/JPY

Overview
Today last price 108.99
Today Daily Change 0.43
Today Daily Change % 0.40
Today daily open 108.56
 
Trends
Daily SMA20 109.08
Daily SMA50 108.93
Daily SMA100 108.25
Daily SMA200 108.64
 
Levels
Previous Daily High 108.63
Previous Daily Low 108.26
Previous Weekly High 109.49
Previous Weekly Low 107.84
Previous Monthly High 109.8
Previous Monthly Low 108.43
Daily Fibonacci 38.2% 108.49
Daily Fibonacci 61.8% 108.4
Daily Pivot Point S1 108.33
Daily Pivot Point S2 108.11
Daily Pivot Point S3 107.96
Daily Pivot Point R1 108.7
Daily Pivot Point R2 108.85
Daily Pivot Point R3 109.07

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains pressured after US data misses estimates

EUR/USD is trading closer to 1.1750, paring its recovery from earlier in the day as the safe-haven dollar is bid. US Consumer Sentiment missed estimates with 72 points in September. The financial woes of China's Evergrande are weighing on sentiment.

EUR/USD News

GBP/USD trades under 1.38 amid on UK data, dollar strength

GBP/USD is on the back foot, trading under 1.38 after UK Retail Sales figures disappointed with -0.9% in August, worse than expected. Brexit uncertainty and dollar demand weighed on the pair earlier. 

GBP/USD News

XAU/USD surrenders intraday gains, drops closer to $1,750 level

Gold struggled to preserve its intraday gains and dropped to the lower end of the daily trading range during the early North American session. 

Gold News

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

The latest development in the ongoing SEC vs. Ripple lawsuit is that documents are classified as privileged and blocked for public viewing. Though institutional investors are yet to take big bets on the altcoin in 2021, retail investors are actively trading in XRP.

Read more

US Michigan Consumer Sentiment Preview: Markets will have to look hard for positive signs

Consumer outlook expected to rebound to 72.2 in September. August’s 70.2 was the lowest since December 2011. Inflation and Delta variant wearing on US optimism. Markets face negative dollar risk from fading consumer optimism.

Read more

Forex MAJORS

Cryptocurrencies

Signatures