The JPY has been weakening for a long time and the strengthening has been sudden and sharp.
On the weekly charts, JPY closed up against everything, making new highs. Against the USD, its largest trading partner, it made a rejection engulfing candle.
All other things being equal, it seems that there is room for further JPY strengthening.
The USD also strengthened but is running into resistance. It actually fell against the EUR this week, forming an inside bar just off the significant low of 1.2750 - 1.28.
USD is also running into a multi-year high against AUD, and into a resistance against GBP in a similar way to EUR.
Therefore it could be that USD will find it hard to strengthen this coming week. A strengthening JPY technically seems more likely.
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