USD/JPY Struggling on North Korean War Jitters

Seemingly endless back and forth threats between the United States and North Korea are taking their toll on markets.

“North Korean aggression will be met with fire, fury and frankly, power, the likes of which this world has never seen before”.

-Donald Trump

We’ve seen Asian stocks take a hit and the safe-haven JPY seeing buyers lapping it up as you can see in the USD/JPY charts below.

USD/JPY Daily:

Click on chart to see a larger view.

The daily USD/JPY chart shows price having dropped down from the clean USD/JPY double top resistance level that we have been watching for a while now.

I’ve spoken to a few clients on social media that have been riding the wave down and once again congratulations if you have managed to hold or add into your original position. There certainly hasn’t been much opportunity for the market to stop you out!

USD/JPY Hourly:

Click on chart to see a larger view.

Zooming into the hourly chart and you can see the latest North Korea/Trump inspired lurch down. Nobody wants a bar of this market right now and the very ugly price action you can see there highlights this fact.

I’m out for the weekend now so enjoy your time away from the charts and if we haven’t been wiped out by nuclear war, we’ll speak Monday.

Best of probabilities to you!

Dane Williams – @VantageFX

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Source: Vantage FX Blog