More signs of a genuine breakout
USD/JPY rallied for a third time in US trading, hitting a fresh 12 year high each step of the way with the latest gains extending to 124.77.
The pair stumbled earlier on PCE data but reversed on upbeat ISM manufacturing and construction spending data. The rally highlights the asynchronicity of US dollar reactions to good and bad news. The soft numbers sparked a hiccup while the pair has rallied 75 pips on good news.
Technically, there is very little to stop USD/JPY now.