USD/JPY climbs above 103.50, touches 103.67 at the high
The rally and breakout in USD/JPY continued after the strong ISM non-manufacturing report and the pair close almost right at 103.50. The services sector survey was at 57.1 compared to 51.0; it was also higher than any of the economists forecast in the Bloomberg survey.
The US dollar caught a broad bid in the aftermath of the data to extend yesterday's gain.
I believe USD/JPY is in the process of breaking out as it continues higher for the seventh day. The latest push took out the mid-September high of 103.36.
The next looming level of resistance is the 100-day moving average at 103.76 and that will be key in the day ahead.
