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Title: USD/JPY looks to solidify upside breakout ahead of the weekend

Apr 14, 2022 11:52PM ET

By: AnalysisWatch

The USD/JPY is trading higher by 0.4% and is back above the 126.00 level.

Yesterday's rally in US yields has supported the dollar and the pair, and a follow-through move has been seen in Asian trading so far.

However, it should be noted that liquidity conditions are thinner today as Australia and New Zealand (and later most European countries) are away for the Easter vacation. In any case, the technical data for USD/JPY speaks a clear language at the moment.

The pair is on the verge of an upside breakout as it holds above 125.00 and is now trading at a 20-year high as buyers try to keep it above the 2015 high at 125.86.

If the breakout holds through the close of the week, this could very well set the stage for the next move towards 130.00.

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