USD/JPY subdued and consolidates at 111.20 and strong overnight-recovery
|Currently, USD/JPY is trading at 111.13, down 0.00% on the day, having posted a daily high at 111.26 and low at 111.02.
Forex today: improved risk sentiment across the board, GBP/USD worst performer
USD/JPY is relatively subdued considering the change of tides overnight. U.S. stocks rallied on improved optimism on Wall Street today for the US economy. This was helped along by very strong consumer confidence data. The US US Consumer Confidence (CB) index surged to its highest level in over 16 years, reaching 125.6 from as low as 116.1 in February.
Wall Street rebounds amid positive data
Stocks rallied and the yen tumbled. The Dow Jones Industrial Average added 150.52 points, or 0.73%, to 20,701.50, the S&P 500 rose 13.75 points, or 0.6%, to 2,352.00 and the Nasdaq Composite gained 34.77 points, or 0.6% to 5,875.14. The 10-year note benchmark was up to 2.41% and USD/JPY broke through the 111 handle with stops triggered.
USD/JPY levels
Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, technical indicators have turned sharply higher: "Momentum and the RSI are entering positive territory, but the price still developing well below its 100 and 200 SMAs. The pair has a major resistance at 111.60, where selling interest will likely reappear."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.