A still firmer rally as we had anticipated, with a bounce from the 122.53/43 support area, through 123.61, for better recovery bias into midweek.
We still see an underlying bull tone from the May bull breakout above the 2002 peak at 125.81, to push USDJPY to its highest level for over 13 years!
We see an upside bias for 124.19; break here aims for 124.44 and 124.62.
But below 123.52 opens risk down to 123.00, which we again look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
Whilst above 121.53, we see a positive tone with the bullish threat to 125.81/85.
Above here targets 129.08 and 130.00.
What Changes This? Below 121.53 signals a neutral tone, only shifting negative below 120.64.
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