Yen pairs still near session lows and failing to rally

Author: Mike Paterson | Category: News

It's been a morning of yen demand that's capped core pairs too 17 Feb

Markets are turning wobbly again as doubts grow over the Trump administration's ability to deliver on their/his promises.

Yen demand has returned as I highlighted/warned earlier and after session/recent lows across the board we're seeing some dip-demand but not too much of a bounce just yet.

USDJPY has fallen through support/demand at 113.00 and 112.80 as GBPJPY trashes lower to 139.62 helping GBPUSD down to 1.2388 after dismal UK retails data.

AUDUSD has dropped down to 0.7657 as AUDJPY tumbles to 86.33 while EURUSD is finding sellers around 1.0650 with EURJPY down around 120.00

We can't rule out a pause for breath at this point and maybe some form of rally given we're range-trading overall but I'll be waiting to sell the bounce if we do.