EUR/JPY, USD/JPY and AUD/USD hold their ground
EUR/JPY, USD/JPY and AUD/USD hold their ground amid 25% US tariffs on foreign steel and aluminium.
EUR/JPY holds at support
EUR/JPY dropped to levels last seen in September 2024, to ¥155.65 on Monday, before recovering. Together with the September low at ¥155.15 we expected this level to underpin and for a bounce to soon be witnessed.
Minor resistance can be found at the 3 February low at ¥159.97 ahead of the ¥160.90 early January low.
USD/JPY side-lined
USD/JPY continues to trade in two-month lows below the 200-day simple moving average (SMA) at ¥152.71 which should now act as minor resistance. Further up lies the late January low at ¥153.72.
A fall through last week's low at ¥150.94 would likely engage the psychological ¥150.00 mark as well as the August peak at ¥149.40.
AUD/USD holds its ground
On Monday AUD/USD briefly slipped through but then heaved itself back above its breached September-to-February tentative downtrend line at $0.6242. This is encouraging for the bulls with last week's high at $0.6301 remaining in focus. Further up lies the January peak at $0.6330.
Support sits between Monday's intraday low and the 55-day SMA at $0.6235. Further minor support can be seen at the 19 December low at $0.6200.
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