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USD/JPY looks to solidify upside breakout ahead of the weekend

  • USD/JPY trades up 0.4% back above the 126.00 level

The recovery in US yields yesterday helped to underpin the dollar and the pair, with a follow through move seen so far in Asia trading.

Just be mindful that liquidity conditions are thinner today with Australia and New Zealand (and later on most of Europe) being away due to the Easter break. In any case, the technicals arguably tell the story when it comes to USD/JPY right now.

The pair is looking set for an upside break as it holds above 125.00 and now trades at 20-year highs as buyers also look to keep above the 2015 high @ 125.86.

If the break holds into the weekly close, that could very well set the stage for the next leg towards 130.00 potentially.

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