USD/JPY: Market long and bullish
I have no idea where USD/JPY is headed in the shortish-term. The market is quite long yet it looks comfortable with the position so we may indeed see further gains. I’m a non-believer but there is little point in getting in the way of the market at these levels. If the Yen crosses like GBP/JPY continue to generate bullish momentum then USD/JPY may indeed be headed for 110.
Regarding GBP/JPY, if it breaks above 162.80 then the next technical target is at 168.15 (see chart).