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USDJPY Bulls May Target 12-Year High near 124.00 Next
In Friday’s Week Ahead report, we highlighted the big breakout above 120.50 in USDJPY, noting that the breakout “could carry over into this week’s trade, with a potential move up to the 7.5-year high at 122.00 in play.” The bullish momentum picked up in earnest earlier today as European and US traders returned to their desks after a long holiday weekend, with the pair exploding through the 122.00 level to a rally above 123.00 as of writing. The bullish move was helped (or at least not hurt) by today’s April Durable Goods Orders report. While the headline reading fell 0.5% m/m, some giveback was widely ... (full story)
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