USD/JPY spinning 140-pips in less than 8 hours; Trump-Abe convenient alliance?

Currently, USD/JPY is trading at 113.36, up +0.12% or 14-pips on the day, having posted a daily high at 113.85 and low at 112.85.

The US-Japan press conference promised to boost volatility and traders were in the position to take advantage of it as the pair has traded as 'Six Flag' roller coaster spinning +140-pips in less than 8-hours due to several headlines from President Trump and Japan's PM Abe. 

Across the presser, an optimistic and cooperative tone has supported the US dollar that took a hit down to 112.85 on the day. 

U.S. President Trump on currency and trade: It has to be fair

Historical data available for traders and investors indicates during the last 6-weeks that USD/JPY pair had the best trading day at +1.76% (Jan.18) or 201-pips, and the worst at -1.65% (Jan.05) or (190)-pips.

Technical levels to consider

In terms of technical levels, upside barriers are aligned at 113.84 (high Feb.10), then at 114.66 (200-SMA) and above that at 115.36 (high Jan.27). While supports are aligned at 112.85 (low Feb.10), later at 112.22 (low Feb.9) and finally below that at 111.62 (low Feb.8).

USD/JPY capped near 113.80; US-Japan alliance based on 'trust'