USD/JPY consolidates the aggressive moves to fresh highs

Currently, USD/JPY is trading at 112.61, up 1.40% on the day, having posted a daily high at 112.99 and low at 110.83.

USD/JPY is up, up and away on yet another bullish session in the last two weeks. The markets are driving the bid on the premise that Trump is a positive thing for the US economy and markets. The problem for the bulls is that there is still a great deal that can go wrong on such a policy in congress as the questions begs as to where all of the funds are going to come from to pay for all the tax breaks and when you have inflation through the roof and long-term yields already on the rise . . . the Fed are going to have a task at hand, but for now, the trend is your friend and the dollar remains king on 2017 growth prospects for the US. We now await the FOMC minutes.

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USD/JPY levels

With spot trading at 112.60, we can see next resistance ahead at 112.66 (Daily Classic R3), 112.99 (Daily High), 113.72 (Weekly Classic R2), 116.50 (Weekly Classic R3) and 121.08 (YTD High). Support below can be found at 112.27 (Weekly Classic R1), 112.01 (Daily Classic R2), 111.54 (Daily Classic R1), 111.42 (Hourly 20 EMA) and 111.37 (Yesterday's High).