USD/JPY Explodes Past Resistance; At 7-Year High

I’m long USD/JPY for the long haul, with my entry at around 119.00 (a little later than I would have preferred, but I believe there is enough upside to be worth it). This weekend we saw a decisive clearing of resistance, as illustrated in the chart below.

USD/JPY: Daily

To put this move in perspective, see the chart below. The last time USD/JPY was this high was in July of 2007.

USD/JPY: Monthly

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