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May 23 - 04:55 PM

USD/JPY - Slides After Trump Suggests New Tariffs

By Robert Fullem  —  May 23 - 03:05 PM

• USD/JPY and broader dollar slide after Trump threatens phonemakers, EU with tariffs

• Stocks and Trsy yield are lower though off worst level of day; gold up 2%

• Fed speakers say tariffs causing business uncertainty

• Pair stays on back foot due to new DXY May low and YTD low for USD/CNH

• US-Japan trade talks set for the weekend; BOJ Gov Ueda next week

• Vols firm and downside option skews widen as pair nears 140

• Lower highs weighs; filled prior May 6 hourly gap near 142.50

• Resist: 144.27 base line; 144.58 21-DMA; 145.68 cloud bottom

• Supp: 142.36 May 6 low; 141.68 April 22 high; 139.89 YTD low

• Yen crosses mixed; EUR/JPY tests 100-DMA and lower Bollinger
Yen


(Robert Fullem is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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