USDJPY AWAITS G20 SUMMIT OUTCOME
The US dollar is trading with a cautious tone against the Japanese yen, as financial market participants await the outcome of US President Trump’s meeting with Chinese President Xi Jinping at the G20 Summit. A bullish outcome from the leaders meeting will likely support heavy USDJPY buying, while a bearish outcome should put further downside pressure on the USDJPY pair.
The USDJPY pair is only bullish while trading above the 114.02 level, key resistance is found at the 114.54 and 115.00 levels.
If the USDJPY pair trades below the 113.15 level, key technical support is found at the 112.60 and 111.30 levels.