USDJPY Breakout. 124 In Sight. Risk On For Equity Markets

With the month end candle confirming the breakout from the downtrend drawn off the declining peaks beginning August 2015, we can now consider upside targets. Taking the longer view, this confirms a resumption of the uptrend that began in October 2011 with the next major resistance being encountered ~124.

The daily chart below, shows some resistance just overhead that could slow price in the short-term but looking for a significant move beyond that.

This cross often moves higher during times of equity market strength globally so this is a positive sign for stocks also.