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USD/JPY regain momentum trade near 109

The safe-haven Japanese yen slid from recent peaks against the greenback on Wednesday as solid gains in oil prices helped underpin risk appetite.

The major spiked to fresh daily highs at 109 levels after the Nikkei climbed further to hit fresh highs, triggering a renewed risk-on wave in the markets, which further dampened the safe-haven appeal of the yen. At the time of writing, USD/JPY eases-off session highs and trades around 108.90, still up +0.90% on the day.

The fresh buying interest witnessed around the riskier assets such as the equities, was fuelled by upbeat Chinese trade data. The Japanese Nikkei rallies +2.84%, while China stocks are up almost +2.50%.

The traders continue to track the sentiment in the oil and stock markets ahead of crucial US retail sales and PPI data due later in the NY session.

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