Friday's broad USD strength affirmed the developing bullish backdrop and growing risk for a deeper upside extension, argues JP Morgan. Starting with the USD Index (DXY), JPM notes that it appears set for a closer test, if not break of the March peak (100.39). "As such, corrective pullbacks are viewed as buying opportunities for the USD...The 98.14 area and Friday’s breakout area is now viewed as key initial support and should maintain the more immediate upside bias," JPM advises. In USD/JPY, JPM notes that the short term rally phase continues to develop in line with last week’s bullish breakout above the critical ... (full story)