 Yen surges broadly as Asian markets tumble sharply on US-China trade war escalation. Gold also resumed recent up trend and hit as high as 1555. But traders turn a bit more cautious as mixed messages came out of China. A bit more time is needed to gauge the formal response on the escalation. At the time of writing, Euro and Dollar follow Yen as the next strongest. Australian and New Zealand Dollars are the weakest naturally, on risk aversion. Technically, USD/JPY resumes recent decline by breaking 105.04 support. Next target is 103.69 projection level. EUR/JPY is on track to next medium term support at 114.85. 0.6677 low in AUD/USD will be a focus today and break will resume larger down trend. With today's rebound and breach of 1.6594 in EUR/AUD, recent correction is likely completed. Further rise should be seen in EUR/AUD to 1.6786 resistance and break will resume recent up trend. In Asia, currently, Nikkei is down -2.08%. Hong Kong HSI is down -2.79%. China Shanghai SSE is down -0.95%. Singapore Strait Times is down -1.41%. Japan 10-year JGB yield is down -0.0398 at -0.275. | 
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