The USD/JPY pair broke higher during the day on Thursday, reaching towards the 115 handle. I think we will get there, but at that point we may run into a bit of resistance. Currently, we are consolidating between the 111.50 level on the bottom and the 115 level on the top. Because of this, expect choppiness but if we do break above the 115 handle, the market will then probably reach towards the 118.50 level above. Longer-term, I believe that’s exactly what happens but we may need to make a couple more attempts.
Written by FX Empire