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Feb 02 - 11:55 PM

EUR/JPY - JPY Crosses Plunge On Trump Tariff News, EUR/JPY Gaps Down

By Haruya Ida  —  Feb 02 - 09:36 PM

• JPY crosses especially hit hard following weekend news of Trump tariffs

• Tariffs levied on Canada, Mexico and China, interesting but EUR hit hardest?

• EUR/JPY gapped down to open Asia at 159.90, plunges to 158.10 EBS thereafter

• Some bounce since with cross back up to 159.66 before steadying somewhat

• Conditions very thin and market likely to remain choppy

• 159.80 Ichimoku daily kijun resistance, 159.90-160.83 NY close Friday gap

• GBP/JPY 192.27 to 190.02 early Asia before bouncing to 191.66

• This cross capped by descending hourly Ichimoku cloud between 191.78-192.43

• Flat Ichimoku hourly kijun in area at 191.53, 55-HMA in cloud at 191.86

• Managing to hold above low of year at 189.26 on January 17

• AUD/JPY 96.30 to 94.80 EBS, lowest since 94.66 Sept 17 '24, remains heavy

• AUD heaviness linked to Australia-China trade ties, tariffs on China

• Support below 94.66 at 94.00, 93.84 low Sept 16 '24, 93.57 spike low Sept 11

• EUR/USD, GBP/USD and AUD/USD reactions to Trump news in Europe, US eyed
EUR/JPY:


GBP/JPY:


AUD/JPY:


(Haruya Ida is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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