Hitting the 90.00 region, the USD/JPY has moved over 1200 pips since September.
This tells me two things:
1. Look for pull backs.
2. Based on what the Yen has accomplished since September, there could be USD/JPY continuation all the way up to the 95 or 100 region in a matter of months.
The Yen has weakened about 4.5 Percent Since the return of Abe. If Shinzo Abe has his way, the Yen will continue to weaken.
It’s said that a joint statement has been reached between the Japanese government and the Bank of Japan. The statement is likely to be issued on Tuesday and is likely to mention a 2% inflation target according to Forex Live.
Watch for the weekly close this week. New highs could come soon. The Yen’s weakness is potentially far from over. With Bank of Japan easing, and Abe’s determination, the Yen could see much weaker levels.
Congrats to all who are long on the USDJPY! You are having a blast and could continue to.
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