USD/JPY is consolidating around 78.80 after a high of 78.87.
The pair is on an eight-session winning streak (160 pips). A quick look at the chart shows it’s the longest run of gains since Feb 2011.
After such a strong move, bulls may want to bide their time. If 80.00 breaks, more offers lurk at 80.20.
Euro-yen demand has been strong so far today but offers up to 104.50 are capping the rally in a similar way to 80.00 in USD/JPY.
