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Since the Trump win in November no currency pair has been stronger than USD/JPY which has rallied more than 1800 points since the lows 8 weeks ago. The run higher has been driven by the parabolic move in US rates and now the move higher still will be driven by US data.
To that end today’s ISM Manufacturing numbers were encouraging, but the key releases will be ISM Non-Manufacturing on Thursday and US NFPs on Friday, If the data shows that US economy continues to expand at a steady rate then there is a very real possibility that USD/JPY could hit 120.00 by end of the week. If on the other hand the numbers miss the correction could be very swift and 115.00 will quickly come into view.