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USD/JPY upended by Trump again as it slides below technical support
The USD/JPY has come rather unstuck over the past 24 hours. Yesterday morning we were looking at the dollar potentially re-establishing itself above the 154 handle, but it is a different vista this morning. Of course the move back underneath 154 took place long before Trump sent it reeling lower later in the day. The disappointing reaction in the USD/JPY to the higher than expected US PPI data said it all really and that was also partly its undoing. So, the USD/JPY fell back to 152.70 ahead of the close last night and later ended that session at 152.80. The price action seen so far today has seen it fall to 152.40 and it is not much above that low right now. That further fall has taken the dollar back below its 200 day moving average, currently in place at 152.73 and that is not positive. Only really a recovery back above 154.50 might reverse the immediate outlook ahead of the weekend and the dollar is along way adrift of that right now. The USD/JPY is currently trading at 152.43
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