Over the past couple of weeks, the ongoing remarks from China and the USA have kept the safe haven appeal at peak interest. Today, the President Xi speech was under the spotlight. But he played a gentleman’s game thereby increasing demand for risky assets.

He pledged to open the country’s economy further and reduce import tariffs on goods including cars. His remarks were quite friendly amid rising trade tensions between China and the United States.

Consequently, investors are selling off the Japanese yen and moving towards the indices and other currencies. Watch for the trading levels for GBP/JPY and EUR/JPY….

EUR/JPY – Major Trading Levels

Support     Resistance

130.34        132.01

129.33        132.67

128.67        133.68

Key Trading Level:    131

GBP/JPY – Major Trading Levels

Support     Resistance

148.98       151.83

147.27       152.97

146.13       154.68

Key Trading Level:    150.12

For the moment, the Japanese yen is in a weaker position as investors have started profit taking on the overbought currency. Keep following us for live trade ideas and check out FX Leaders Support and Resistance Strategy to enhance your profitability. All the best!