USD/JPY is not the only pair looking to break above a figure level
The euro has regained some of its poise on the day, and that has seen EUR/JPY now touch session highs of 131.98.
With USD/JPY looking to test the 107.00 handle, we’re seeing EUR/JPY also looking to test the figure level of 132.00.
Over the past trading week, it’s been a level that has held the pair back. I reckon we will see price action today pivot around the 132.00 level, and if we get another Goldilocks-supportive kind of report from the US CPI release later today — that could be the catalyst for a further spark in equities and in turn push up yen pairs further.