12.03.2019

USD/JPY scaled the 200-day moving average (MA) hurdle of 111.32 soon before press time and could rise further toward the 10-day MA, currently at 111.50 amid signs of risk reset with equities.  As of writing, the futures on the S&P 500 index are trading 0.20 percent higher on the day. Major Asian indices like the S&P/ASX 200, Nikkei are also flashing gains.  It appears the overnight risk-on action in the US equities has hit the Asian shores. The Dow Jones Industrial Average (DJIA) jumped 148 points or 2.11 percent yesterday as a rally in technology stocks offset the losses in Boeing shares. European stocks also rallied with banking shares gaining 1.5 percent.  As a result, the anti-risk JPY is being offered across the board. Possibly adding to the bullish tone around USD/JPY could be the above-forecast retail sales number released yesterday. Consumer spending, as represented by retail sales, rose 0.2% in January, beating the expected print of 0 percent. Excluding autos and gas, spending doubled expectations with a 1.2 percent gain.  With improved risk appetite, the currency pair risks extending gains toward the 50-day MA of 109.97.  Technical Levels

Original from: www.fxstreet.com