The USDJPY continues to stretch to the upside, making new 6 year highs in the process. The pair soon after the announcement corrected down to the break out point at the 107.378 level. Holding that level and the bullish perception off the rate forecast (or so it seems – the dollar shorts are also getting squeezed) has led to the move higher. The pair is approaching the next target at the 108.54 (highs of the hourly chart). The underside of the broken trend line comes in at 108.77 currently (see chart below.
USDJPy continues to stretch higher with the 108.54 level the next target. New 6 year highs for the pair.
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