USD/JPY: offers in Tokyo put minor recovery in jeopardy after Trump and US yields dropping

Currently, USD/JPY is trading at 115.03, down -0.34% on the day, having posted a daily high at 115.53 and low at 114.87.

Market wrap: disappoints over lack of fiscal policy from Trump's presser - Westpac

USD/JPY collapsed overnight on the back of Trump's lack of conviction during the news conference and US yields dropping to the floor on the back of the US 10-year auction damaging the yield advantage in USD/JPY spreads. The dollar has been on the back-foot for the best part of 2017 so far and markets are looking for something concrete in respect to Trump's policies before extending long dollar denominated holdings - Trumps delivery today lead to an unwinding and profit taking. Trump was the catalyst for profit taking - ANZ

USD/JPY levels

Current price is 115.03, with resistance ahead at 115.09 (Daily Classic S1), 115.19 (Weekly Classic S1), 115.43 (Daily Open), 115.53 (Daily High) and 115.57 (Weekly Low). Next support to the downside can be found at 115.02 (Monthly Low), 114.87 (Daily Low), 114.54 (Daily Classic S2), 114.24 (Yesterday's Low) and 113.90 (Daily Classic S3).