- The Greenback has paused downside against the yen as rumors of US-China trade talks support.
- Reuters quoted as saying some senior White House Officials are trying to restart talks with Beijing before the US tariffs on China come into effect on July 6.
- The major slumped on Thursday, with downside fueled by declining Treasury yields.
- Minor recovery attempts being made today seem to lack traction.
- The pair is trading a narrow range on the day, capped below stiff resistance at 200-DMA at 110.21.
- On the hourly charts, price failed to break above 1H 21-EMA, we see any upside only on break above.
- On the daily charts, 21-EMA is strong support, break below is likely to see extension of weakness.
- With no major data scheduled for the day, sentiment will likely remain the key driver for the pair.
Support levels - 109.68 (50% Fib), 109.29 (cloud top), 109
Resistance levels - 110.17 (5-DMA), 110.21 (200-DMA), 110.87 (61.8% Fib)