USDJPY has been in a steady uptrend after finding its feet near the 200-day simple moving average (SMA) in early March. On Thursday, the pair posted a fresh 34-year peak, extending its rally within a territory that the Japanese authorities were expected to defend. Should bullish pressures persist, the price could storm to fresh multi-year highs before it challenges 154.64, which is the 123.6% Fibonacci extension of the 151.90-140.24 downleg. Further upside attempts could then come to a halt at the 161.8% Fibo of 159.10. Conquering this barricade, the bulls may attack the April 1990 high of 160.40. On the flipside, if ... (full story)