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The risk-friendly rallies were dented during the Asian session, as traders worried about Hong Kong’s bills and their impact on U.S.-China relations.

Check out the headlines that dominated today’s Asian trading!

Currency Snapshot

Major Forex Pairs Price Performance from MarketMilk
Major Forex Pairs Price Performance from MarketMilk

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • ECB President Christine Lagarde to give a speech at 7:30 am GMT
  • Credit Suisse economic expectation at 8:00 am GMT
  • U.S. Richmond manufacturing index at 2:00 pm GMT

What to Watch: GBP/JPY

GBP/JPY 1-hour Forex Chart
GBP/JPY 1-hour Forex Chart

London session is light on economic data today, but that doesn’t mean we won’t see significant price movements.

GBP/JPY, in particular, has fallen off its weekly highs and it looks ready for some retracement.

The 132.50 handle is a level to watch as lines up with a 38.2% Fib retracement on the 1-hour chart.

If London session forex traders follow through with the risk aversion theme, or if they focus on the U.K.’s weak economic and post-Brexit prospects, then we could see GBP/JPY retest Fib retracement levels or even the broken channel resistance.

If pound bulls or yen bears switch back to risk-taking, however, then Guppy could retest its 133.00, 133.50, or 135.00 previous resistance areas.

Not sure where to place your orders or price targets? MarketMilk’s GBP/JPY volatility charts should sort you out!