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USD/JPY offered in Tokyo, down to test bull's commitments at 50-D SMA
Thursday, 9 August 2018 08:28 WIB | CURRENCIES |Dolar ASUSD/JPY,

USD/JPY has been on the backfoot with US yields unable to get over the 3% mark as the 10-yr Tsy-JGB spreads narrow and cast an air of caution on longs while the price is unable to get above the 5th August highs and hold conviction towards the 21-D SMA at 111.64. In overnight markets, the USD/JPY was consolidating yesterday afternoon™s drop below the 111 handle to a low of 110.85 - the first time the pair had crossed that level since 30th July but more importantly, the price pierced below the rising trend line support again.

On the back of the latest confirmation of additional tariffs on China whereby 25 per cent extra in tariffs will be applied on $16 billion of Chinese goods from Aug. 2, and indeed, China retaliating and stepping up the ante with its own decision to unveil fresh tariffs on $16bn of American goods which included medical equipment, fish meal, wood waste, paper and paper waste, metal scraps, cars, fuels, and bicycles, China's state broadcaster CCTV is now saying that China has the confidence to protect its own interests as well as the means to do so and that it must counteract tariffs implemented by the United States.

Source : FXstreet

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