Preparations for Trump-Kim meeting continue

Japanese media suggested that a top aide to North Korea’s leader landed in Singapore yesterday for further preparations regarding the Trump–Kim meeting. At the same time, a US team of officials also left for Singapore, in order to meet the North Koreans. It should be noted that South Korea’s president Moon stated on Monday that there could be more meetings and talks with North Korea. Should there be further positive headlines about the meeting we could see JPY weakening.

USD/JPY dropped yesterday testing the 108.95 support line reflecting the strengthening of the yen, as per analysts. The pair could trade in a sideways manner today with some bearish tendencies. Should the pair come under selling interest, it could break the 108.95 support line and aim for the 108.53 support level. Should it find fresh buying orders along its path, we could see it reaching or even breaking the 109.76 resistance line.