USD/JPY gains traction after staying in a consolidation channel near 107.50. Major European equity indexes rise sharply on Tuesday. Broad-based USD weakness limits USD/JPY’s upside ahead of American session. The USD/JPY pair fluctuated in a very tight range near 107.50 during the Asian trading hours but started to climb higher on strengthening risk appetite in the last hours. As of writing, the pair was trading at fresh daily highs at 107.83, gaining 0.28% on a daily basis. Risk rally weighs on JPY Although major equity indexes in Asia closed the day higher on Wednesday, USD/JPY stayed relatively quiet as the broad-based selling pressure surrounding the greenback didn’t allow the pair to gain traction. However, the sharp upsurge witnessed in European stocks put additional weight on the JPY’s shoulders during the European session. As of writing, both the Euro Stoxx 50 and Germany’s DAX 30 indexes are rising around 2% on the day, making it difficult for the safe-haven JPY to show resilience against its peers. On the other hand, the greenback is struggling to attract investors in the risk-on market environment and limiting USD/JPY’s upside for the time being. In the second half of the day, the Richmond Fed’s Manufacturing Index will be featured in the US economic docket. More importantly, participants will keep a close eye on the Federal Reserve’s Beige Book for fresh clues regarding the beginning of the economic recovery. Ahead of these releases, the US Dollar Index is down 0.18% on the day at 98.84. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EU’s von der Leyen: Boldest measures are safest for future of EU FX Street 3 years USD/JPY gains traction after staying in a consolidation channel near 107.50. Major European equity indexes rise sharply on Tuesday. Broad-based USD weakness limits USD/JPY's upside ahead of American session. The USD/JPY pair fluctuated in a very tight range near 107.50 during the Asian trading hours but started to climb higher on strengthening risk appetite in the last hours. As of writing, the pair was trading at fresh daily highs at 107.83, gaining 0.28% on a daily basis. Risk rally weighs on JPY Although major equity indexes in Asia closed the day higher on Wednesday, USD/JPY stayed relatively quiet as the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
