USD/JPY looks to Trump-Kim gathering

11 June, 2018

Spot regains the 110.00 handle backed on risk-on mood, retreats later. US 10-year yields stay sidelined around 2.97%. US CPI and Trump-Kim meeting next of note on Tuesday.

The better tone around the risk-associated complex is pushing USD/JPY back to test the psychological 110.00 neighbourhood at the beginning of the week, although it lost some upside momentum soon afterwards.

USD/JPY looks to data, Trump-Kim gathering

After two consecutive sessions with losses, the pair managed to regain some buying attention today and is now attempting a sideline theme below the critical 110.00 milestone, always on the back of a better tone in the riskier assets and a sideline theme in US yields.

In fact, yields of the key US 10-year benchmark are navigating a consolidative theme amidst an increasing cautious stance from investors in light of upcoming key events and publications.

News from the speculative community saw JPY net shorts at 2-week lows during the week ended on June 5, according to the latest report by CFTC.

In fact, US inflation figures for the month of May will be out tomorrow along with the Trump-Kim meeting. Further out, the FOMC meeting is due on Wednesday seconded by May’s Retail Sales. In Japan, the BoJ meeting on Friday is expected to remain a ‘non-event’, as per usual.

USD/JPY levels to consider

As of writing the pair is gaining 0.36% at 109.94 and a break above 110.48 (high Feb.2) would open the door to 111.39 (high May 21) and finally 111.50 (high Jan.18). On the other hand, the immediate support aligns at 109.19 (low Jun.8) followed by 108.95 (low May 24) and then 108.11 (low May 29).

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