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Hardy: USDJPY set to soar if US data delights

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John Hardy, Head of FX strategy at Saxo Bank, looks at the week ahead. The Bank of Japan's QE blast took markets by surprise on Friday and John thinks there's still much to be absorbed:    

"USDJPY set a new high for the cycle at 113.00 overnight even as Japan was closed for a holiday today. There is a small gap down to 112.50 from the Friday close, and for perspective on the violence of Friday’s rally, the daily pivot is all the way down at 111.33. The tactical dips may not prove especially deep as the Bank of Japan Friday initiative caught the market sleeping and many will feel the need to “be on board at any price.”