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The yen is up to session highs across the board
Yen pairs are falling as European equities go deeper into the red and bond yields fall to session lows at the same time. It’s all about trade tensions right now and that is dominating the market landscape for the time being.
USD/JPY is dragged to a low of 110.77 on the day, testing below the 50.0 retracement level @ 110.80 and nearing the swing region low of 110.75 seen from last Thursday. Further support is then seen at around 110.50 for the pair where bids are touted as well.
Meanwhile, GBP/JPY is also dragged lower to test the 100-hour MA:
Move below that and the near-term bullish momentum breaks. The move lower in the pair is also what is weighing down sterling across the board with cable now lurking around the 1.3000 handle again.
At the same time, the swissie is also holding onto its gains and stays as the strongest performing major currency still with the yen not far behind.