Technical Analysis: USDJPY touches key Fib extension

USDJPY

• USD/JPY traded it its highes level in almost 6 years today before stalling near the 127% extension of the 1Q14 range
• Our near-term trend bias remains higher in the rate while above 104.70
• A close over 106.45 is need to set off the next leg higher in the advance
• An important turn window is eyed mid-month
• A close below 104.70 would turn us negative on USD/JPY