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Last week, we warned our readers that while the risk-affinity has gathered some momentum and the yen is retreating towards 110 per USD after reaching 109.1 per USD area, that the yen is likely to gain further grounds against the USD amid risk aversion.
Any relief a relief is only temporary as risk aversion is likely to return as no material progress has been made with regard to Sino-American trade negotiations with both sides preparing measures that would push the conflict to the next level. The United States is preparing grounds to impose 25 percent tariffs on $300 billion worth of goods from China. China, on the other hand, planning to use rare earth minerals, which are essential for industries like information technology to automotive as a tool in its tariff war with the United States. China is the single biggest producer and exporter of rare earth minerals and U.S. depends heavily on China which is the source of 59 percent of U.S. imports. China is also considering steps to toughen to do business for U.S. firms in China.
As expected, the yen has indeed gained further grounds and currently trading at 108.2 per USD and we have forecasted 106.7 area as the next target for USD/JPY.
Trade idea:
- In this article, based on the latest calculations, we would like to extend that target for USD/JPY from current 106.7 area to 104 area.
