Forex

USD/JPY: now steadied after big sell off on Trump presser, 100 pips lower Ross J Burland

18:46 11 January /2017 Forex

Currently, USD/JPY is trading at 116.01, up 0.33% on the day, having posted a daily high at 116.88 and low at 115.63.USD/JPY has been spanked with the greenback falling across the board and is losing ground across the board as Trump introduces the headway that he is making leading into his inauguration just 9 days away. The presser started with Trumps administration defending Trump in respect to the 'fake news' situation before Trump took the stand and started to talk up his business initiatives.Trump opened talking about how the auto industry will be expanding with Fiat, Ford and Chrysler who will be building new plants in the US while Ford are cancelling their contract to build a billion dollar plant in Mexico and instead build business onshore. Trump then started taking questions in respect to Russian ties/ potential hacks and fake news. He is now taking questions about his tax returns and business deals and potential conflicts of interest.USD/JPY levelsWith spot trading at 116.02, we can see next resistance ahead at 116.15 (Hourly 20 EMA), 116.19 (Hourly 100 SMA), 116.27 (Daily Classic R1), 116.29 (Daily 20 SMA) and 116.36 (Yesterday's High). Support below can be found at 115.72 (Daily Classic PP), 115.63 (Daily Open), 115.63 (Daily Low), 115.57 (Weekly Low) and 115.57 (YTD Low).

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