Moves back away from the 100 and 200 hour MAs
The USDJPY moved higher in the London session and made a run above the 200 and 100 hour MAs before European traders exited (at 107.13 and 107.177 respectively)
However, the run higher stalled, the price moved back below the MA lines and the pair is now trading back below the 107.00 level. The price has moved below the 38.2% of the April trading range at 106.963. The underside of the broken trend line comes in at 106.91. The low in the Asian/European session bottomed at 106.878. Breaks below would open up more of the downside for the pair.
President Trump will meet with Japan Pres. Abe with with tariffs and No. Korea on the agenda. The US announced tariffs on steel and aluminum and did not exempt Japan from the list. Last week, Trump hinted of reigniting TPP discussions but only on US terms.