• USD/JPY edged higher on Monday as easing US-China trade tensions dampened safe-haven demand.
• The yen advanced over 1% on Friday as markets reacted to Trump’s threat of a 100% tariff on Chinese products starting November 1.
• Following his threat of 100% tariffs on China from November 1, Trump took a softer tone over the weekend, stating that everything would be fine and the U.S. did not wish to “hurt” China.
• On Sunday, Beijing defended its restrictions on rare earth exports and related equipment as a response to U.S. actions, while refraining from introducing new tariffs on American goods.
•On the geopolitical front, world leaders, including Trump, are convening in Egypt on Monday to discuss a ceasefire for Gaza.
• Immediate resistance is located at 153.17(Higher BB), any close above will push the pair towards 153.77 (Higher BB).
• Support is seen at 151.09 (38.2%fib) and break below could take the pair towards 149.50 (50%fib)
Recommendation: Good to buy around 151.70, with stop loss of 151.00 and target price of 153.00
