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USDJPY: Bull tone

A strong rally Monday through the October recovery peak at 109.00, to reinforce last Wednesday’s rebound from just below our 108.27/23 support area (from 108.22) and the strong, mid-October advance and intermediate-term bullish shift through the key 108.45/48 peaks, to keep the bias higher for Tuesday.

A mid-October surge through the key 108.45/48 peaks signalled an intermediate-term bullish shift.

For Today:

  • We see an upside bias through 109.04; break here aims for key 109.32, maybe then towards 109.60/62.
  • But below 108.63 opens risk down to 108.23/22.

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