Daily Forex Update: USD/JPY

The intraday USD/JPY trended higher as the U.S. equities market staged a strong recovery after Friday’s sell-off. Traders and investors digested the news of Goldman Sachs’ government troubles over the weekend, and the spike today essentially confirms that Friday’s move lower was an overreaction. This, in turn, allowed the equities markets to rally, and risk appetite resumed. The uptrending USD/JPY shows the U.S. Dollar gaining on a weak Japanese Yen in spite of a down day for the U.S. Dollar Index.