It was a dramatic week for USD/JPY longs after the drop late last Friday turned into a rout on Monday but a bit of perspective shows the uptrend as healthy as ever with three consecutive weeks of gains.
I shared a bullish view of USD/JPY yesterday and with US stocks at the highs of the day, the risk it toward a continued push higher.
Expect buy stops above the European high of 99.36 but offers at 99.50, 99.70 and ahead of 100.00 that will almost assuredly be to much to overcome before the close. If G20 leaders lay off Japan (and I’m confident they will) there could be more upside at the open on Sunday.
