USD/JPY sinks to session low as Trump volatility resolves lower

Technical Analysis

Author: Adam Button | usdjpy

USD/JPY falls to the worst levels of the day

Everyone expects the unexpected with Donald Trump and he delivered in a press conference that was all over the place.

The market didn't like the targeting of the pharmaceutical industry and might not have liked the idea of a volatile man at the helm for four years.

USD/JPY fell hard at the start of the press conference has he attacked pharma. It was a 100-pip straight line move but it was largely erased over the next hour. But as the press conference wrapped up the selling resumed and it has continued, breaking to a session low.

The technicals are the trade from here with yesterday's two lows of 115.29 and 115.20 as the key near-term levels to watch. The bigger level is last week's low of 115.07 and the big figure. If those give way, it could spark a harsh round of selling.