USD/JPY dips below 106.00 on Washington turmoil
The Yen picked up a bid and pushed the USD/JPY to a session low of 105.93 after the Washington Post reported Trump is set to fire H.R. McMaster as his national security adviser.
Record-breaking turnover is hurting risk assets
Trump's staff turnover has been higher than the five most recent presidents, according to Brookings and is being read by investors as a sign of turmoil in Washington. Consequently, the Japanese Yen is inching higher across the board.
However, the equity markets have not reacted to McMaster news. As of writing, the S&P 500 futures are flat lined. Ahead in the day, The Japanese currency may extend gains if the equities turn risk-averse.
USD/JPY Technical Levels
Currently, the pair is trading at 106.00. A move above the session high of 106.37 would open doors for 107.05 (March 9 high) and 107.29 (March 13 high). On the other hand, a break below 105.78 (previous day's low) could yield a sell-off to 105.55 (Feb. 16 low) and 105.25 (March 2 low).