Update on USDJPY: Mar 14, 2022

USDJPY reached our 118 target overnight.

We charted this target over a year ago [see: USDJPY’s Turn] following USDJPY’s breakout from the falling purple channel [see: The Usual Suspects], reasoning that the Bank of Japan would ramp up the yen carry trade in order to support the Nikkei’s breakout.

The BoJ rarely disappoints, and they didn’t in this case. The question, now, is how far they’re willing to go.

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