Rough week for the yen
The yen was (by far) the laggard this week.
USD/JPY has broken out above 81.00 but the technical picture is less definitive in other pairs, including EUR/JPY, GBP/JPY and AUD/JPY. The one I want to focus on CAD/JPY which is the clearest representations of what has happened this week.
In essence, most of the moves have simply erased the prior week.
It will be interesting to see what happens next week. Yen crosses have rallied this week despite the worries in Europe and stock markets. If risk sentiment rebounds (and it has to at some point), the breakouts in these pairs could spark a fresh leg higher in all the yen crosses.