Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
30 May 2018

USD/JPY: stabilising as bears rest up after strong performance on Italian provoked bloodbath

  • Markets are starting to wake up to systemic risks.
  • ​​​​​​​Italy and European politics driving risk-off sentiment.

USD/JPY has been chipping away to the downside and had made a fresh low of 108.10 in NY trade, stabilising there with most of the hard work done by the bears in European trade during the politically provoked bloodbath in the markets. 

At the time of writing, USD/JPY is trading at 108.42 in a calmer setting for the yen that picked up a strong bid in risk-off play on the back of the Italian contagion that has woken up investors to the systemic risks posed by the rise of populism once again. 

Global equities in a bloodbath

European equities finished up as follows:

  • Italy's FTSE MIB is down -2.65%
  • Portugal's PSI20 is down -2.58%
  • German Dax is down -1.6%
  • France's Cac is down -1.4%
  • UKs FTSE is down -1.2%
  • Spain's Ibex is down -2.2%

As for Wall Street: The DJIA closed down -391 points or 1.58% at 24361. The low reached 24247 at the lows.  The S&P fell -31.47 points or -1.16% at 2689.86 and the Nasdaq fell -37.26 points or -0.50% at 7396.59.

Trade wars back in vogue

At the same time, trade war angst came back into vogue. Trump has set dates for June for various tariffs on Chinese imports ahead of the next round of talks with Bejing due to take place as soon as this weekend. 

USD/JPY levels

Support 1:                 108.10 recent low.

Support 2:                 108.18 PP 1M, 100-D SMA meets 50-D SMA.
Support 3:                 106.82 S1 1M 

Resistance 1:            109.10 BB WB break up point.
Resistance 2:            109.76/92 21-D SMA / PP-1W 
Resistance 3:            110.89 R1-1W

Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the pair has accelerated well below the 100 and 200 SMA, while technical indicators resumed their declines and reached fresh 1-week lows, heading into the Asian opening with a strong downward momentum. The 100 DMA stands at 107.70, a probable bearish target for the upcoming sessions should risk sentiment continues.

May 30, 2018

BoJ's Kuroda: must explore reasons for slow growth

Bank of Japan (BoJ) Governor Kuroda stated that the central bank must begin to investigate the possible reasons behind Japan's still-sluggish inflatio
Read more Previous
May 30, 2018

PBOC set the Yuan reference rate at 6.4207

The People's Bank of China (PBOC) set the Yuan reference rate at 6.4207 vs. previous day's fix of 
Read more Next