Last week I wrote about ‘the tell in USD/JPY‘, highlighting the powerful combination of factors that had created a bid and was likely to sustain one.
The pair has now rallied for eight straight sessions and is knocking on the door of 146.00. Last week ended with the pair right at resistance at 145.00 and there was a minor pullback but since then, it’s been steadily higher, propelled by strong US data on retail sales and signs of accelerating US growth.
There isn’t much standing in the way of a rise to the cycle high of 151.94, though the Japanese Ministry of Finance may step in to slow gains as we approach 150.00.
USD/JPY weekly