USD/JPY breaks 110.00 to the highs of the year
USD/JPY takes out 110.00
USD/JPY is at the highest since December 30.
The pair rose to 110.03, edging above the Jan 23 high of 110.00. There was talk of yen repatriation but it's been the opposite as the dollar grabbed a bid against the yen in the past two days while not doing particularly well elsewhere.
This is a frustrating swing for bulls. One was Westpac who had recommended USD/JPY longs at 109.15 with a target at 111.85 on Tuesday. They were stopped out (by 15 pips) late in the week only to see the trade swing in their favour.
Maybe the lesson is to wait for the break but this kind of whipsaw is the kind of thing that drives every trader to madness from time to time.