ForexLive Asia-Pacific FX news wrap: USD/JPY extends higher again
The USD/JPY pair extended its gains and rose to a fresh seven-week high on Monday. The pair was supported by the ongoing risk-on mood in the markets, as well as the positive economic data from the US.
The pair started the day with a gap higher and continued to climb throughout the Asian session. It reached a high of 110.20 before consolidating around the 110.00 level.
The risk-on sentiment was driven by the optimism surrounding the US-China trade talks, as well as the strong corporate earnings reports from the US. This helped to boost the demand for the US dollar, which in turn pushed the USD/JPY pair higher.
Looking ahead, the focus will be on the US economic data, including the Consumer Confidence Index and the Richmond Manufacturing Index. These reports could provide further support for the USD/JPY pair if they come in better than expected.
Overall, the USD/JPY pair remains bullish and could continue to extend its gains in the near term. However, traders should keep an eye on any developments in the US-China trade talks, as well as any shifts in the risk sentiment, which could impact the pair's movement.