USD/JPY - 130.80.. The greenback continued its recent winning streak last week on the back of rally in US yields, price caught a bid at 126.87 (Mon) n rose steadily to a 1-month peak of 130.98 on Fri after decent US jobs report.

On the bigger picture, dlr's spectacular rally fm 2011 historic low at 75. 32 (Mar) due to co-ordinated CCY intervention by G7 central banks to weaken the yen in the aftermath of Japan's earthquake and tsunami of Mar 2011 to as high as 125.86 (2015) confirms major low has been made. Although the pair fell back to 99 .00 in mid-2016 n swung broadly sideways until 2021, price rallied in tandem with U.S. yields n U.S. stocks n risk sentiment to a 20-year peak of 131.34 in May 20 22 confirms LT uptrend has resumed. Having said that, strg retreat in tandem with U.S. yields to 126.37 signals temp. top is made, as long as 125.10 holds, upside bias remains, abv 129.77, 131.34. Below 125.10 would risk 124.52, then 122.70.

Today, dlr's impressive rally fm May's 126.37 low n last week's upmove fm 126.87 in tandem with US yields to 130.98 would re-test May's 20-year 131.24 peak , 'bearish divergences' on hourly n daily indicators would prevent strg gain this week n reckon 131.75/80 may hold on 1st testing. Below 130.23 may risk 129.52.

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AceTrader Team

AceTrader

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