The USDJPY did the impossible today.  No, no the unthinkable.  The pair strapped its saddle to stronger than expected Retail Sales results from the USD a pushed above the range that has contained it over the last three weeks.  The question now is where can the pair go from here.  The positive Retail Sales number diminished the possibility of QE3 being announced at the upcoming Jackson Hole Summit.  Thus increasing treasury yields and the USDJPY.  If at the end of the month NFP surprises higher the USDJPY could be ready to start a trend higher.  In the meantime support is now past resistance at 78.70 and targets to the upside are 79.15 followed by 80.

Sup    78.70

Res    79.15                 80

Keane Plan:  As long as the pair remains above 78.70 a move higher towards 79.15 could be in the works

 

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