USD/JPY subdued and consolidates at 111.20 and strong overnight-recovery

Ross J Burland FXStreet

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."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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