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USD/JPY Attacks 109.00

USD/JPY Attacks 109.00

Daily FX Wrap: USD/JPY attacks 109.00

JPY JPY 0.5% higher on the session after North Korea were seen moving an ICBM to the west coast, which may be ready to launch on Saturday, in turn saw a risk off market. USD/JPY has been trading around the 109.00 figure with bearish pressure evident, the key support now will be around 108.27, August 29 low.

USD Fed’s Brainard spoke earlier and said they should be cautious on rate hikes given a long period of low inflation, short of the objective, along with previous dovish comments from Kaplan and Kashkari. USD weakness was the theme as a result and a bid was seen in AUD/USD which has now broken resistance at 0.8 now printing fresh 2017 highs at 0.8022 and NZD/USD currently trades above 0.7220 at the top of August’s downward trendline with a breakthrough needed of this trend line for bulls to take any control of the market.

GBP Brainard’s comments aided the bullish pressure in GBP/USD which is now trading at 3 week highs of 1.298 which will test the resistance at 1.3020. We also had more information regarding Brexit from Bloomberg, where PM May will seek to speed up the pace of Brexit negotiations. Source reports that this will take place on the 21st September.

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