USD/JPY spikes lower after Iran’s retaliation to US. But it quickly recovered after restrained response from US President Donald Trump. He just said in a tweet that “All is well! Missiles launched from Iran at two military bases located in Iraq. Assessment of casualties & damages taking place now. So far, so good! We have the most powerful and well equipped military anywhere in the world, by far! I will be making a statement tomorrow morning.”

USD/JPY dived to 107.65 but quickly drew support form 38.2% retracement of 104.45 to 109.72 at 107.70 and recovered. Bias is turned neutral for now. As long as 107.65/70 holds, it is actually more likely to have another leg up to retest 109.72 resistance.

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