USD/JPY is on the highway to the danger zone ...Middle East

USD/JPY bulls are playing with fire.The pair is up for a seventh straight day after a surprisingly strong US services PMI. The reading of 55.1 is a 26-month high and well above the 53.7 consensus.The report sparked broad US dollar buying and has pushed USD/JPY closer to the 160.00 line in the sand. That's where the Japanese Ministry of Finance last intervened, sending the pair plunging as low as 151.85.I close here would be a fresh 34-year closing high in the pair. Yesterday, I wrote about five reasons that the pair had been climbing.The last time, officials allowed for a brief break of 160.00 before stomping on the market. There is a chance they could allow it to break those intraday highs

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Last updated : 21 June 2024 clock 05:33 PM

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USD/JPY is on the highway to the danger zone ...Middle East

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