USD/JPY powers through 131.34 resistance as 10-year yield reclaims 3% handle. Medium term up trend in USD/JPY is resuming and should target 61.8% projection of 114.40 to 131.34 from 126.35 at 136.81 first.
More importantly, sustained trading above a long term projection level at 61.8% projection of 75.56 (2011 low) to 125.85 (2015 high) from 98.97 at 130.04 will pave the way to 100% projection at 149.26, which is close to 147.68 (1998 high).
But of course, that would likely need 10-year yield to break through 3.167 with some conviction too. There is no hints on that happening yet. Let’s see.
