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- USD/JPY: Primed for a break higher; a break of 109 to move range into 108.50-114.50 area - NAB
USD/JPY: Primed for a break higher; a break of 109 to move range into 108.50-114.50 area - NAB
NAB Research discusses USD/JPY outlook and notes that the pair is primed for a move higher, but it needs 10y UST yields to join the party.
"After briefly trading below the ¥106.50 mark early in October, USD/JPY last week traded to an intraday high of ¥108.94 before settling around the ¥108.50 area which has been an important pivot level since April 2017. Can USD/JPY break higher? Looking at Chart 1 a move back into the ¥108.50 to ¥114.50 range looks possible assuming the pair can make a sustained break above ¥109 over the coming weeks. The downtrend line coming from the mid 2015 highs also marks a significant medium-term resistance (~¥111)," NAB adds.
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