USD/JPY and AUD/USD Forecast August 31, 2018

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The US dollar cratered against the Japanese yen late during trading on Thursday, as it was speculated that President Trump was going to slap another $200 billion with the tariffs on the Chinese. That of course is very negative for markets, but we are sitting at the ¥111 level, an area that should be rather supportive. It’ll be interesting to see where this goes from here, but this is most certainly a very negative candle stick. However, if we shall resiliency here near the ¥111 level, this could be a very bullish sign as it would show the market is going to decouple from the headlines a bit. From an interest rate differential perspective, this is a no-brainer, it should be going much higher. However, the Japanese yen is quite often looked at as the safe haven currency to go to, and that’s part of what we’ve seen. I looking to play a bounce if it comes. Otherwise, I think I will look again at ¥110.

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