FX Action: USD-JPY has ebbed back towards 110.50
FX Action: USD-JPY has ebbed back towards 110.50 from the the upper 110.0s, and though remaining above yesterday's 110.28 low is still down by 0.7% form week-ago levels following yesterday's Yen-driven declines. Tokyo markets returned today from their 10-day hiatus. With U.S.-China trade relations having deteriorated anew, analysts expect global stock markets, already sputtering in the face of historically lofty valuations and signs of slowing global growth, to remain volatile and at risk of outsized correction phases. This in turn should leave the Japanese currency underpinned by safe haven demand. USD-JPY has support at 110.46-48 and at 110.28-30. Resistance comes in at 110.90.