USD/JPY heading for 3rd test of 125

  • USD/JPY topside has been capped at 125.00 last week and the pair is still struggling with that resistance area
  • Solid offers reported from 124.90 up to the big figure
  • USD/JPY remains very well bid, another test of the level likely
  • Break above would then pave the way for the current yearly high of 125.80
  • However, as the USD/JPY continues to rise, so does the risk of verbal intervention by Japanese officials
  • The BoJ does not want the Yen to weaken too much and sees 115-120 as the optimal range

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