USDJPY SETUP
USD/JPY broke above the 2016 high (121.68) overnight after the Yen weakened for a fifth straight day versus the US Dollar. That move stemmed from the 261.8% Fibonacci extension of the January high/low move. A pullback may see the former 2016 act as support. However, prices look set to rise further, indicated by strength in the Relative Strength Index (RSI) and MACD oscillators. The 361.8% Fib extension and the 2015 high at 125.85 are possible targets that may be hit shortly if the current pace keeps up.
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