Technical Analysis

USDJPY looks to test day highs as US indices erase all declines

Big declines erased

The USDJPY is up testing the high for the day and highs from last Friday at the 110.03-045 area.  The high just reached 110.00.

The US stocks have moved back into the black with help from 15 year highs in Michigan consumer confidencem reports that US/Canada may come to agreement on steel and aluminum tariffs, and that EU and Japan auto tariffs were officially on hold for up to 180 days.  

Also hoping the sentiment is that US yields have erased earlier declines. The 10 year is currently trading at 2.396% – up marginally on the day. The low yield reached down to 2.362%.

US stocks are now higher on the day after sharp declines earlier


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