USD/JPY turning upwards following brief retracement
USD/JPY has been on a rapid rise of late, with the pair pushing back towards yesterday’s peak of ¥113.79. The uptrend seen over the course of October thus far highlights the potential for another bout of upside from here.
A break up through that ¥113.79 level brings about a fresh bullish signal for the pair. Conversely, we would need to see a drop below ¥113.00 if we were to see a more neutral outlook for the pair.