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USDJPY – Too Far Too Fast?
USDJPY has been up more than 500 pips off post-election highs as the Trump rally has taken the market by the storm. As we wrote earlier, ” it is remarkable at how fast the market shifted from risk off to risk on mode as traders realized that Mr. Trump’s policies may be highly stimulative to the US economy.”
But with the pair now approaching resistance at the 107.00 level some profit taking may be due. There is little important data on the docket for the next few days, so the pair could lose some momentum, but any pullback should be used fro getting long as the breakout in the pair appears for real and long term target of 110 is in view.