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What’s next? – USDJPY 29.05.18

May 29 2018, 01:28 PM (+06) |

The dollar was trading 0.29 percent lower vs the yen at 109.09 as of 06:00 GMT on Tuesday, despite the dollar began to recover across the board.


The US dollar index, which measures the greenback’s strength against a basket of six major competitors, was up 0.16 percent at 94.29 by the time of this writing.


Demand for the American currency was boosted amid decreasing geopolitical tension involving the United States and its relation with North Korea.


Risk appetite increase following US President Donald Trump’s announcement on Sunday that a US team was in North Korea ultimating details for a summit between him and Kim Jong Un.


Nevertheless, market players kept an eye on another front of political instability: Italy. President Sergio Mattarella blocked the nomination of a eurosceptic finance minister by appointing former International Monetary Fund Director Carlo Cottarelli as Prime Minister.


No economic news were released on Monday. Volatility and trading volumes remained below average as US and UK markets were shut for holidays.


As of 23:50 GMT, Japan will present retail sales data for April, with a 0.9 percent increase seen.


The pair is expected to find support at the 109.00 level. Breaking that level will open the doors for further downward extension. On the other hand, buyers could use the level to reopen long positions as prospects for the dollar continue to be bullish.

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