The March deadline for the US-China trade talks is likely to be extended with no clear outcome from the negotiations held so far. Reports from China showed that the vice- Premier, Liu He spoke to US Treasury secretary Mnuchin and with other trade representatives. Meanwhile, the Chinese premier retired the government’s policies to support growth including tax cuts.
USDJPY Showing Exhaustion Near the Top
The USDJPY currency pair posted a rebound last week, and this sent prices briefly higher. However, failure to break past the March 5th highs at 112.13 resulted in the USDJPY posting a lower high. A follow through to the downside from here could put USDJPY at risk of retesting the lower support at 109.83. However, price will need to clear past the initial support at 111.40 level for the downside to be validated.
