The USDJPY has continued its move to the upside with the pair reaching a high of 147.99 (bid side).
The move to the upside today has taken the price above the August 1998 high of 147.67. The pair is trading at the highest level since August 1990.
Also this week, the price extended above its intervention high price at 145.90 after breaking above on Wednesday, the corrective low could only reach 145.98 before rotating back to the upside.
The Bank of Japan has remained out of the market. The fundamentals of support the USDJPY, but it is hard to predict if the central bank thinks the moves are more speculative and disruptive.
Looking at the hourly chart, the price has moved back above the old channel trendline once again. It would take a move below the high price from yesterday 147.6662 start to hurt the bullish bias from a technical perspective. That is the minimum level to get to and through now.
UPDATE: The Michigan consumer sentiment came in higher than expectations, with higher inflation expectations as well. The price moved to 148.196 off of the report. The current price trades at 148.13.
The US stocks have turned into negative territory for the broader indices.