There was a collective sigh of relief across financial markets on Tuesday after the Trump administration announced it will delay 10% tariffs on certain Chinese goods until December.
This favourable development is seen easing trade tensions while offering some light at the end of the US-China trade war tunnel.
Safe-haven assets like the Japanese Yen weakened across the board on the news with the USDJPY jumping over 150 pips within a 90-minute window.
The USDJPY is trading around 106.65 as of writing and could rebound towards 107.50 if a daily close above 107.00 is achieved.
EURJPY blasts above 119.00
A depreciating Yen has sent the EURJPY rallying above the 119.00 level on Tuesday afternoon. Although prices remain in a downtrend on the daily charts, there is scope for further upside if a daily close above 119.00 is achieved.
GBPJPY eyes 129.20
The GBPJPY is staging an incredibly rebound from three years lows thanks to Yen weakness. Prices have the potential to push higher towards 130.50 if a daily close above 129.30 is secured.
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