USDJPY: Bulls are firmer in a rising channel formation, 118.00 eyed
The USD/JPY pair continued scaling higher through the early European session and jumped to a fresh five-year peak, around the 116.80 region in the last hour.The pair prolonged this week's bullish trajectory and gained strong follow-through traction for the fifth successive day on Friday.
That said, concerns about the risk of a further escalation of tensions between Russia and the West should cap the optimistic move in the markets and warrant caution for bulls. In fact, US President Joe Biden is set to call for an end of normal trade relations with Russia on Friday, alongside the Group of Seven nations and European Union leaders.
Nevertheless, the bias still seems tilted in favour of bullish traders and supports prospects for a move towards reclaiming the 117.00 round-figure mark. Traders now look forward to the Prelim Michigan US Consumer Sentiment Index, due later during the early North American session. The focus, however, will remain on the incoming geopolitical headlines.Interested in weekly USDJPY forecasts? Our experts make weekly updates forecasting the next possible moves of the yen-dollar pair.
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