USD/JPY bulls regain control after correction, eye multi-decade peak

USD/JPY saw a sharp rise in early Monday trading, poised to fully erase last week's pullback from 162.84 to 160.47. That decline was a healthy correction, contained by the 23.6% Fibonacci retracement level of the larger upleg from 155.02 to 162.84.

Bulls are now regaining control, with the pair eyeing a test of multi-decade highs. The limited nature of the correction suggests underlying strength in the uptrend.