Technical Analysis/USD/JPY

USD/JPY holding firm above 85.50

It will be interesting to see what the market does today in USD/JPY; the pair has broken marginally above a previous daily high at 85.55 and if it can consolidate these gains, then the next major technical target is a 61.8% retracement (95.00/75.50) which comes in at 87.55.

The professional market is extremely long of USD/JPY but as yet there seems to be no hurry to try and book profits so unless something happens to rattle their cage, the bulls are likely to hang on for a very profitable ride.

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