The Australian dollar has broken to a fresh new high against the Japanese yen during the early part of Monday, and this is one of my favorite yen-denominated pairs, as the Australian dollar has been so healthy, and the carry is pretty strong with this one. You get paid fairly well at the end of every day. I think short-term pullbacks offer buying opportunities. I don’t see why this thing doesn’t go to the 116 Yen level unless we get some type of massive shock to the system, which could happen in the Middle East. It doesn’t seem to be going that great, but as things stand right now, I like buying and holding this. I think the Aussie has some distance to cover against the Japanese yen soon.

GBP/JPY Technical Analysis