USD/JPY Breakout to Two-Month Highs
We came into this week looking for a topside breakout in USD/JPY, and so far that’s taken place as the pair is now trading at fresh two-month highs. Last week saw Japanese inflation settle after two really strong months created the possibility of the Bank of Japan finding themselves in an ECB-like scenario later this year. But with inflation falling back to 1.1%, a bit of pressure has been removed from that prior theme of Yen-strength, and the door may be soon re-opening to another run of Yen-weakness.
In USD/JPY, we have a bullish break above a bullish channel, and traders would likely want to wait for a pullback before looking to take on additional topside exposure. On the below four-hour chart, we look at two areas that remain interesting for higher-low support plays In USD/JPY.
USD/JPY Four-Hour Chart: Bullish Breakout to Fresh Two-Month Highs
We came into this week looking for a topside breakout in USD/JPY, and so far that’s taken place as the pair is now trading at fresh two-month highs. Last week saw Japanese inflation settle after two really strong months created the possibility of the Bank of Japan finding themselves in an ECB-like scenario later this year. But with inflation falling back to 1.1%, a bit of pressure has been removed from that prior theme of Yen-strength, and the door may be soon re-opening to another run of Yen-weakness.
In USD/JPY, we have a bullish break above a bullish channel, and traders would likely want to wait for a pullback before looking to take on additional topside exposure. On the below four-hour chart, we look at two areas that remain interesting for higher-low support plays In USD/JPY.
USD/JPY Four-Hour Chart: Bullish Breakout to Fresh Two-Month Highs
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