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USD/JPY: Short term targets in 106.30/107 - JPMorgan

FXStreet (Bali) - Niall O'Connor, FX Strategist at JPMorgan, notes that the recent rally for USD/JPY suggests a growing risk of a sustained breakout for initial targets at 106.30/107.00.

Key Quotes

"The rally for USD/JPY over the past few weeks is another sign that the bullish USD backdrop can extend in the coming weeks. Importantly, this price action suggests a more sustained break from the medium term consolidation phase below the January high is now underway especially given the recent advance above the 104.13/35 resistance zone (76.4% retracement from January/April high)."

"The push above the long term downtrendline from the 1998 high is another medium term bullish factor. While Friday’s failed breakout above the 105.45 January
high and subsequent bearish reversal can allow for a near term consolidation (breakout now confirmed), the overall upside risks continue to point higher. In turn, short term targets rest in the 106.30/107 zone which includes Elliott targets from the 2011 cycle low."

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