The US yields keep rising, which makes JPY very weak as stocks are also seen in an uptrend. So its' not a surprise to see USD/JPY moving higher, which, however, has five sub-waves up within wave 5, so there can be a new slow down coming for a corrective retracement. Keep in mind that Nikkei is also turning bullish now, meaning more gains after a pullback, meaning that a higher degree uptrend on USD/JPY may not come to an end anytime soon.
USD/JPY keeps moving higher, already above 120.00 level, but there is still a risk for a deeper pullback into wave 4, so buying here can be very risky. We still favor a pullback before the uptrend resume towards even higher prices, and ideally, the retracement will show when the current wave 3) channel is going to be broken. Support could then be near 118.70, which was Dece 2016 high.
