We touched 79.22 on the run up following the BOJ’s announcement of it’s asset purchasing increase, but looks like the Ichimoku cloud top at 79.27 and the 200 day MA at 79.32 are stubborn resistance in the short term and a daily close above is now needed if we’re going to run up into the 80’s.
I’ m still in the Morgan Stanley boat on this one (sees 84.00)but ‘patience is a virtue’ and provided we hold above the 78.15/20 area this week, we should see some build up towards the 80.62 high on June 24 in the near term, with EUR/JPY perhaps leading the way..
USD/JPY’s around 79.10
