The Japanese yen lost 0.30% on the day on Monday. The declines came despite soft US data and China’s PMI which increased for the first time in five months. China’s vice premier, Liu He, is expected to arrive in Washington to continue with the trade talks. Investors remained bullish on risky assets in hopes of receding trade war concerns.
Can USDJPY Break the Resistance?
The currency pair extended strong gains on the day and price settled near 111.34 as a result. This marks a close right near the resistance level of 111.40 level where the USDJPY is currently consolidating. A breakout above this level is required for the USDJPY to continue to the upside, targeting 112.51. Failure to break out above this level may keep the USDJPY muted, but the declines could be limited.
