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Where next for USDJPY as bulls 'over-reach', for now
After months of range bound trading, USDJPY is on the move once again, nearly hitting yearly highs above 105 for a time this Wednesday before dropping back slightly. Saxo's John Hardy looks at what's behind the rise and how far the yen could fall in the coming days and weeks.
Overnight, John says we saw bulls 'over-reaching' above 105.00 and we need to get to the other side of a Bank of Japan meeting and US data on Thursday and Friday to see if there's enough fundamental support for a firm break to new multi-year highs of 105.45. Add to all that the underwhelming economic data from Japan and he suggests the yen could well fall further in coming weeks.
01:53 minutes
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