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USD/JPY retreats despite US data

FXStreet (Córdoba) - USD/JPY reached a fresh multi-year high at 116.80 but then pulled back after Wall Street opening bell, and dropped to 116.24 as the US dollar weakened across the board, trimming daily gains.

The pair currently trades at 114.45/50, up 0.55% for the day, but far from the highs. Greenback moved off session highs, despite better-than-expected data from Consumer Confidence. The University of Michigan / Reuters index climbed to 89.4, 88-month high, up from 86.9, and above the consensus.

USD/JPY reverses but still up

The recent slide from the highs, changed short term momentum but the trend still favors the upside. To the downside, support might lie at 116.15 (hourly 20-SMA) and below here at 115.85/90 and 115.40.

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