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Forex pairs in this Article » USD/JPY (Bali) - The rally for USD/JPY over the past month is consistent with the overall upside USD bias, notes Niall O'Connor, FX Strategist at JP Morgan.

Key Quotes

"Despite the concerns over extreme short positions, Friday’s push above the 103.74 May peak is in line with the bullish view confirmed with the break from the medium term consolidation/triangle pattern. In turn, we see potential for an extension into the 105/107 target zone."

"This area includes the 61.8% retracement of the decline from the 2007 high, as well as the downtrendline from the 1998 cycle peak. Note the triangle objective is just above near 108.30. A violation of the 102.18/101.62 lows over the past two weeks would imply a short term corrective phase is underway."
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