USDJPY safe-haven play on increased geopolitical risks
Chart of the day: USDJPY. Safe-haven buying kicked in heavily Tuesday, also giving a boost to other local Asian currencies. Geopolitical unrest levels have risen substantially over the last few weeks: Syria, N.Korea, Russia and this has led to a move to buy those 'safer' assets. Gold, Yen all should benefit from the uncertainty.
On the Kagi chart the Yen is now back to mid 2016 numbers, breaking out of the bands, but playing on a key Fibonacci 38.2% line at just under 110, which could offer some resistance. A confirmed break here could see the price noise around 106 targeted, then to the lows just under 100. Any rebound in the shorter term has 112 and 115 in its sights.
On the Kagi chart the Yen is now back to mid 2016 numbers, breaking out of the bands, but playing on a key Fibonacci 38.2% line at just under 110, which could offer some resistance. A confirmed break here could see the price noise around 106 targeted, then to the lows just under 100. Any rebound in the shorter term has 112 and 115 in its sights.
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