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Forex pairs in this Article » EUR/USD, USD/JPY (Bali) - USD/JPY has opened the potential to extend gains, notes Tim Riddell , Head of Global Markets Research at ANZ.

Key Quotes

"Today’s clear break above 103.10 (38.2% of the range of the past 20 years) and May’s 103.75 high opens the potential for extending gains."

"A series of upside retracements (105.60, 110.00 and then 111.60) should now act as strong attraction levels as the USD/JPY uptrend gains traction."

"A declining trendline (currently 106.90) off the 1998 high may also gain interest, but the near-term uptrend should be seen as a broader change in trend."

"Weekly momentum is now very supportive and should overpower concerns about recent divergences and possible roll-overs in daily momentum indicators."

"A weekly close below the 103.10-30 area would be seen as an issue of concern, with initial stops below 102.50, and broader stops likely below 101.30."
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