USD/JPY’s rally from a 102.59 low has a spine and has registered a 114.70 high. The current rally could still pursue the completion of a technical price pattern, which would open up the possibility of USD/JPY moving towards the 61.8% Fibonacci retracement of the 125.86-99.02 at 115.61, Benjamin Wong, Strategist at DBS Bank, reports.

Still siding with the bull 

“USD/JPY should continue to stay robust and head higher; unless it breaks under the first concrete support level around 111.52.” 

“USD/JPY on its long-term quarterly chart remains mired in a large triangle setup. The price alert levels on top are 115.61, the 61.8% Fibonacci retracement of the 125.86-99.02 price grip, and the dropped-down resistance drawn from 147.66 (September 1998 significant high) that connects through 125.86 (which calibrates around 117.08).”

See: USD/JPY to peak out over the year-end and soften from 2022 – MUFG