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Forex pairs in this Article » USD/JPY (Bali) - USD/JPY is making new highs for the week, as traders unwind the risk-off trades predominant during last week's selling in the Yen crosses.

Turkish central bank rate hike weighs on Yen

The move by the Turkish central bank to hike rates by 4.25% is a strong 'risk on' signal, which has had as immediate implication a strong short squeeze on the Yen crosses, exacerbating the moves on very thin market conditions as the announcement came at the transition between the New York close and Tokyo open.

USD/JPY technicals

USD/JPY has been able to re-take the 103.00 handle by rising more than 30 pips, posting a new weekly high at 103.37, with funds trying to get on board of TRYYEN longs also helping the move. At present, the pair is testing the daily tenkan/H4 kijun lines, with a break above paving the way towards 103.50/55 (daily kijun).
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