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USD/JPY hits fresh highs after US consumer confidence data

FXStreet (Córdoba) - USD/JPY broke 106.55/60 and rose to 106.71 reaching a fresh 2-day high after the release of consumer confidence data from the US. The pair remains near daily highs with bullish momentum.

The University of Michigan/Reuters Consumer Confidence survey rose to 86.4 according to the flash estimate for October, surpassing expectations of an increase to 84.6. The report boosted the US dollar across the board. Despite falling against greenback the yen rose modestly in the market after the economic numbers, trimming losses.

USD/JPY eyes 107.00

The pair is rising for the second day in a row, recovering after dropping on Wednesdays to 105.17. To the upside, immediate resistance might lie around 106.75/80 (Oct 13 low) and above here at 107.00.

US: Reuters/Michigan Consumer Sentiment Index rises to 86.4 in October

The US Reuters/Michigan Consumer Sentiment Index grew to 86.4 in October, from 84.6 recorded the previous month, according to preliminary data released by the Reuters/University of Michigan. Analysts expected an decrease to 84.1.
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