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USD/JPY: Bull trend unstoppable, 118.23 new high

FXStreet (Bali) - USD/JPY has printed yet another 7-year high at 118.23, with the FOMC-induced dip towards 117.40 quickly bought up by grateful buyers waiting in the wings.

There seems to be no respite in the Yen's bear trend, and while there is a sense that the trend has gone 'too far too soon', the fear of missing the opportunity to jump on board of the trend currently far exceeds any technical reasoning that argues for a meaningful correction.

Jim Langlands, Founder at FXCharts, notes: "With the dailies becoming increasingly overstretched on the topside, staying long will be an increasingly fraught affair and we could get a decent cleanout of short Yen positions at any time. Although this would be painful, any decent dip would present a decent buying opportunity but it seems unlikely that we are going to see anything to change the status quo today."

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