USD/JPY positive on Mnuchin’s trade deal comment – sell the bounce?

Jun 28,2019 06:46   Source:Admiral Markets
<p><a href="https://admiralmarkets.com/analytics/technical-analysis/usdjpy-trade-deal-bounce"><img style="width:auto;" class="img-responsive" src="https://fxmedia.s3.amazonaws.com/articles/remote/20d6259a50e71f88a29825bd0fbd3c0e.png"></a></p><p><em>Source: Economic Events June 28, 2019 - </em><em><a href="https://admiralmarkets.com/analytics/forex-calendar">Admiral Markets' Forex Calendar</a></em></p><p><br></p> <p>As we go into the weekly close, we want to have a look at a currently very interesting currency pair: USD/JPY. The excitement results mainly out of the upcoming G20 summit where market participants hope to get clear signs in regards to a potential between the US and China. </p><p>On Wednesday, US Treasury Secretary Mnuchin said a <a href="https://www.cnbc.com/2019/06/26/mnuchin-says-us-china-trade-deal-is-90-percent-complete.html" target="_blank">US-China trade deal is 90% complete</a>…</p><p>Unfortunately, this is not shocking news, and was announced in a very similar way in <a href="https://pbs.twimg.com/media/D9-ilgUWkAcEz0G.jpg:large" target="_blank">April</a>. We all know that shortly after the negotiations between the USA and China collapsed shortly after with US president Trump announcing a new round of tariffs on Chinese goods and putting Huawei on a blacklist.</p><p>That said, the initial bullish reaction in USD/JPY back towards and slightly above 108.00 on Wednesday/Thursday may be short-lived with the currency pair finding a potential short-trigger around 107.80/108.00 and taking on bearish momentum again. </p><p>If, over the weekend and during the G20 summit in Osaka/Japan, it appears that still no deal between the USA and China is coming, the path down to the Flash Crash lows from January around 105.00 seems levelled. </p><p>Technically this bearish outlook stays true as long as we trade below 108.70/109.00 on a daily time frame: </p><p><a href="https://admiralmarkets.com/analytics/technical-analysis/usdjpy-trade-deal-bounce"><img style="width:auto;" class="img-responsive" src="https://fxmedia.s3.amazonaws.com/articles/remote/dfe48d1c5ca286142ee503c29a21f2a0.png"></a></p><p><em>Source: Admiral Markets </em><a href="https://admiralmarkets.com/trading-platforms/metatrader-5"><em>MT5</em></a><em> with </em><a href="https://admiralmarkets.com/trading-platforms/metatrader-se"><em>MT5-SE Add-on</em></a><em> USD/JPY Daily chart (between March 29, 2018, to June 27, 2019). Accessed: June 27, 2019, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.</em></p><p>In 2014, the value of USD/JPY increased by 13.7%, in 2015, it increased by 0.5%, in 2016, it fell by 2.8%, in 2017, it fell by 3.6%, in 2018, it fell by 2.7%, meaning that after five years, it was up by 4.1%.</p><p><br></p> <h2>Investing in Forex with Admiral Markets</h2><p>Admiral Markets offers professional traders the ability to trade with a custom, upgraded version of MetaTrader 5, allowing you to experience trading at a significantly higher, more rewarding level. Experience benefits such as the addition of the Market Heat Map, so you can compare various currency pairs to see which ones might be lucrative investments, access real-time trading data, and so much more. Click the banner below to start your FREE download of MT5 Supreme Edition!</p><p><a href="https://admiralmarkets.com/trading-platforms/metatrader-5"><a href="https://admiralmarkets.com/analytics/technical-analysis/usdjpy-trade-deal-bounce"><img alt="Download MetaTrader 5 and begin trading today!" style="width:auto;" class="img-responsive" src="https://fxmedia.s3.amazonaws.com/articles/remote/2cb486c7ed9d8f448672dcc199330e41.png"></a></a></p><p><em>Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:</em></p><ol><li>This is a marketing communication. The analysis is published for informative purposes only and are in no way to be construed as investment advice or recommendation. 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