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USD/JPY price above upper 21-d Bolli, eyes 120.85 next

  • USD/JPY clears May 5 high & export/spec offers by 120.50 on US data pop

  • Price above upper 21-d Bolli for 1st time since early Mar: big + if closes above

  • Apr 13's 120.85 swing high key; close above would end pattern of lower highs

  • Overbought on hourlies, so may need a pullback before 120.85 offers are cleared

  • USD-JPY 10-yr yield spreads at their highest since Dec 26; 2s since May 11

 

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