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USD/JPY Fades After 2019 High

USD/JPY Fades After Fresh 2019 High, Back Below 112.00

USD/JPY hit a fresh year-to-date high of 112.17 earlier today. So far, however, the follow-through has been weal.

The pair has fallen back below 112.00, despite an above-forecast China macro data. The futures on the S&P 500 and treasury yields are also struggling to cheer China data.

USD/JPY is currently trading at 111.95, having hit a 2019 high of 112.17 earlier today.

The lack of strong follow-through has weakened the bullish case put forward by Friday’s convincing move above 111.82 (April 5 high).

Also, the pair’s inability to hold above 112.00 is somewhat surprising as China’s first quarter GDP data and March industrial production and retail sales figure released earlier today was risk-supportive.

That said, the futures on the S&P 500 have also failed to pick up a strong bid in response to China data. At press time, the futures are trading at 2,913, representing just 0.08 percent gain on the day. Further, the 10-year treasury yield is also flat-lined on the day near 2.6 percent.

 

Article by FXStreet