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USDJPY: Prime for a Breakout

Wednesday, 02 July 2008 21:28:49 GMT | Kathy Lien, Chief Strategist

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Friday, 16 October 2009 23:59:42 GMT Japanese Yen Relinquishes its Top Safe Haven Status to the Dollar
Wednesday, 14 October 2009 20:52:50 GMT Japanese Yen Mixed as BOJ's Shirakawa Signals End to Liquidity Measures
Friday, 09 October 2009 20:42:27 GMT Japanese Yen Volatility Likely on Currency Intervention Threat
Thursday, 08 October 2009 02:09:27 GMT Japan's Current Account Narrows as Exports Fall Most Since January
Wednesday, 07 October 2009 21:15:18 GMT US Dollar, Japanese Yen Mostly Stronger as US Equities Drift Lower
Tuesday, 06 October 2009 18:02:29 GMT US Dollar Japanese Yen Exchange Rate Forecast
Monday, 05 October 2009 19:38:59 GMT US Dollar, Japanese Yen Mostly Lower as G7 Only Mentions Yuan Weakness, ISM Services Hits 16-Month High
Saturday, 03 October 2009 00:15:45 GMT Japanese Yen to Follow Risk Trends as Prices Test Key Resistance
Friday, 02 October 2009 00:29:10 GMT Japan's Jobless Rate Unexpectedly Falls, Household Spending Surges
Wednesday, 30 September 2009 23:15:36 GMT Japan's Business Outlook Improves But Investment Falls Most in 10 Years
Wednesday, 30 September 2009 20:10:08 GMT Japanese Yen Mixed Ahead of Q3 Tankan Report
Wednesday, 30 September 2009 00:29:35 GMT Japanese Yen Extends its Retracement as Deflation Sets In and Fujii Weighs in on Intervention...Again
Saturday, 26 September 2009 01:55:45 GMT Japanese Yen Momentum a Combination of Risk, Intervention and Data
Friday, 25 September 2009 21:52:51 GMT US Dollar Down Slightly, Japanese Yen Surges as US Durable Goods Orders Fall 2.4%
Thursday, 24 September 2009 00:07:09 GMT Japanese Trade Surplus Shrinks on Export Weakness
Monday, 21 September 2009 20:52:46 GMT US Dollar Strength Continues, Japanese Yen Down Ahead of Fed Meeting on Wednesday
Friday, 18 September 2009 21:10:57 GMT Japanese Yen Forecast Bullish on Lack of Intervention Threat
Thursday, 17 September 2009 23:58:40 GMT Japanese Yen: What Happens When the Threat of Intervention is Removed?
Thursday, 17 September 2009 01:26:06 GMT Japanese Service Demand Rises to Highest Since February
Wednesday, 16 September 2009 19:34:43 GMT Japanese Yen Down as US Equities Break to Fresh 2009 Highs

The US dollar has been consolidating against the Japanese Yen for the past 3 trading days and judging from the price action of the currency pair, it is prime for a breakout.

The non-farm payrolls report provides the perfect catalyst for a break so expect some interesting price action in the currency pair over the next 24 hours. Despite the 166 point drop in the Dow, the Yen crosses have been mixed with most of the pairs rising except for USD/JPY and GBP/JPY which have been hit by weaker US and UK economic data.

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