China vs. USA - Trade War

GBP/JPY & EUR/JPY Trading Levels – Trade War Fears again in Highlights

Posted Wednesday, May 2, 2018 by
Arslan Butt • 1 min read

The market is all about trading the U.S. dollar as Federal Reserve is due to release it’s interest rate decision later today. So, what’s your plan for the European & London session? I would prefer to trade the Japanese crosses in order to avoid sudden and unnecessary echoes from FOMC and Fed fund rate.

Fellows, the Japanese crosses can get volatile as high-level U.S. and Chinese officials will be meeting in China this week. They are supposed to address ”trade growth” as both sides have warned about reciprocal tariffs on hundreds of billions of dollars worth of import.

I hope both economic parties come to a mutually beneficial agreement, because if they fail to do so, I’m afraid of a hike trade war between China and the U.S. Alright, let’s look into key support and resistance for EUR/JPY and GBP/JPY.

EUR/JPY – Major Trading Levels

Support     Resistance

131.91         133.19

131.52        133.58

130.88       134.22

Key Trading Level:    132.55

GBP/JPY – Major Trading Levels

Support     Resistance

150.1           152.04

149.5          152.64

148.53        153.61

Key Trading Level:    151.07

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