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 anticipated ... (full story)