No letting up in yen pairs for the time being
With USD/JPY flirting with a push back above 114.00, other yen pairs are also running hot (and some perhaps hotter) as we get into European morning trade today.
CAD/JPY is trading to its highest since November 2015, building on the technical push from last week and sealing a strong breakout in trading this week.
The breach of the 2017 high @ 91.64 now opens the path towards further gains with the October to November 2015 highs around 93.25 offering some minor resistance but amid higher oil prices and more buoyant yields, the pair has the potential to push further.
From a technical perspective, clearing the 93.25 level leaves plenty of scope for the upside momentum to run and I don't want to be one to fight against that.
Besides that, GBP/JPY is also on the verge of a strong break above 156.00 as it climbs to the highs for the year and closing in on the January 2018 high of 156.61.
That will be one to watch as a break above that will allow buyers to extend the upside momentum more significantly over the coming days/weeks.
Elsewhere, NZD/JPY is also breaking out to its highest since January 2018 with the potential to target the December 2016 to July 2017 highs around 83.74-91 next:
