USD/JPY trades at fresh session highs near 107.30 in quiet day
|- USD/JPY trades in a tight range above 107 on Monday.
- Upbeat market mood dampens demand for safe-haven JPY.
- US Dollar Index stays flat below 100.50 at the start of the week.
The USD/JPY pair closed the previous week with small gains a little above 107 and inched higher on Monday. As of writing, the pair was up 0.24% on the day, trading at fresh session highs near 107.30.
Global stocks gain traction on Monday
The upbeat market mood at the start of the week makes it difficult for the JPY to find demand as a safe-haven. Reflecting the risk-on atmosphere, major European equity indexes are gaining more than 2% and the S&P 500 futures are up 1.5% to suggest that Wall Street is likely to open the day sharply higher.
Earlier in the day, the data from Japan showed that the Tertiary Industry Index fell to -4.2% in March and missed the market expectation of 0.2% by a wide margin but was largely ignored by the market participants.
Meanwhile, the US Dollar Index is moving sideways near 100.40 and staying flat on the day to allow the risk-perception to drive the pair's action. There won't be any significant macroeconomic data releases from the US in the second half of the day and the pair is likely to extend its sideways grind.
During the Asian session on Tuesday, Industrial Production data from Japan will be looked upon for fresh impetus.
Technical levels to watch for
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.