USD/JPY: Bulls to aim for a test of 128/129.00 - JPMorgan

FXStreet (Bali) - Niall O'Connor, FX Strategist at JP Morgan, subscribes to the idea of a more expensive USD/JPY rate in the weeks ahead, noting that the breakout above 125.00 last Friday should lead to a target of 128/129.00.

Key Quotes

"In line with the upside risks for the USD, the breakout in USD/JPY continues to develop with a trending bias."

"Friday's push above the important 124/125.70 resistance zone which includes the 2007 and late-2002 high suggests additional upside and a closer test of the 128/129 area (61.8% retrace from the 1990 cycle high)."