Nvidia Tests All-Time High at $236.54, Risk Tone Supports USD/JPY Carry

Nvidia shares are up $2.70, or 1.12%, at $231.00, outperforming a softer broader US equity market. The intraday high of $234.76 left the stock less than $2 below its record peak of $236.54, keeping the tech-led risk narrative intact even as the major indices trade lower. Technically, the proximity of the all-time high combined with underlying index weakness has capped the advance, creating a temporary ceiling; a clean break and close above $236.54 would open fresh upside with no historical resistance overhead, while failure would risk a rotation back toward intraday support. For FX traders, mega-cap tech leadership is a key input for global risk appetite. Sustained equity strength typically supports carry-sensitive pairs such as USD/JPY, AUD/JPY and AUD/USD, while a rejection at record highs and broader index weakness tends to favour the yen and Swiss franc as funding currencies are repurchased. Watch the correlation between Nasdaq futures and yen crosses for early signals on risk-sentiment shifts.