Wednesday, November 19, 2014

$USD/JPY breaks above 117.50, fresh 7-year high

$USD/JPY rose further during the European session and climbed to 117.63, reaching a fresh 7-year high. The pair remains near the highs, after Abe’s announcements yesterday and today’s Bank of Japan decision to leave monetary policy unchanged. 

$USD/JPY breaks 117.45 after pause 

Since the beginning of the day the US dollar is moving with an upside bias against the yen. During the Asian session broke above previous highs located at 117.05 and rose to 117.40. Then moved sideways during five hours, until it broke again to the upside.

$USD/JPY currently trades near the highs, at 117.61, up 0.60% for the day; headed toward the fifth daily gain in a row. The next risk event for the pair will be at 19:00 GMT with the release of the FOMC minutes. 

Another strong monthly gain 

So far during November the pair has risen 495 pips. The best month of 2014 was September when it climbed almost 600 pips. If it continues to rise it could have the best monthly performance (in pips) in many years.