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USD/JPY hits fresh daily highs and reverses

FXStreet (Córdoba) - USD/JPY rose after the release of US consumer confidence data and peaked at 120.15, reaching a fresh daily high but it quickly reversed and dropped back below 120.00. At the moment is trading at 119.75/80 where the hourly 20-SMA is located and also where it closed yesterday.

According to the report elaborated by The Conference Board, consumer confidence in the US rose in September. The index climbed from a revised number of 101.3 to 103.00; considerably above market consensus of a reading of 96.1.

Stocks in Wall Street are rising after falling sharply yesterday. The Dow Jones tested briefly levels under 16.000 but is now up 30 points or 0.18%. US government bonds erased earlier losses and are pointing higher. The 10-year yield it at 2.07% after hitting 2.11%.

USD/JPY range persists

On a wider perspective, the pair continues to move sideways, with traders still expecting a break of the range that is on place since the beginning of the current month. The upper limit of the range is located around 121.40 while the downside limit could be seen between 118.75 and 119.00.

USD/CHF continues to consolidate, around 0.9710

USD/CHF is moving sideways in range around 0.9700, on a quiet day for European currencies. Among them, the Swiss franc is the best performer.
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