The US dollar is ripping higher with USD/JPY ripping higher alongside stocks. There was a similar reaction after the first round of sanctions, the market feared the rumor but once the event passed, it was ‘risk on’.
The gain came on the rebound in pending home sales. The optimism is more relief about higher activity in the Spring than optimism about housing. The jump in activity probably means traffic also picked up at retailers and other parts of the economy.
For USD/JPY, keep a close eye on 102.72, which was last week’s high. There are large offers ahead of it.
USDJPY hourly
