A daily close above the 115.50 resistance level would suggest an extension of the upmove towards the October 2007 peak at 117.95. Eventually, we would target a move towards 120.00. USD/JPY is definitely ripe for bit of a pullback, but a test of 120.00 shouldn’t be ruled out into year-end. As long as the Fed and the BoJ remain on their current course and there are no significant geopolitical risks appearing in the near-term, that is.
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