Morning Preview: North Korean Tensions Ease - Forex News by FX Leaders

Morning Preview: North Korean Tensions Ease

Posted Wednesday, August 30, 2017 by
Rowan Crosby • 1 min read

After North Korea sent a shudder through markets during yesterday's Asian session, in overnight action markets began the all-too-common retrace. After opening lower, equities rebounded, while the other safe-havens of gold, the USD/CHF and USD/JPY all did an about face.

As tensions appear to have eased (once again) interest now turns to non-farm payrolls which are due for release on Friday morning US time. After a quiet week to date on the data front, there is a bit of news out of Asia. Japan has retail sales, while in Australia we will get a glimpse into the state of the economy with building and construction figures.

Playing the Range

I had a close eye on the USD/JPY in yesterday's trading session and it managed to take out the lows of Asian trade before it ran all the way back to 109 and beyond.

In today’s trade I’ll be looking to work the range between 109.75 and 109.00, with a potential pop to 110.00 in early trade. I’m not anticipating too much action today in the Yen after strong volume yesterday and a large amount of action in overnight trade. However the range should present us with some good trading opportunities.

Key Levels

Support

Resistance

109.00

109.75

108.40

110.00

108.26

111.00

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of