FOMC didn't disappoint yesterday. Federal funds rate corridor was hiked by 25 basis points, as widely expected. Even though the bank remains cautious, the dot plot was upgraded to reflect three hikes (from two in September) in 2017. That was enough for the dollar to rally.

USD/JPY blasted through the strong resistance (now support) area between 115.50 and 116 and added nearly 190 pips on the day. The momentum carried on overnight with 118 proving to be a bit of a hurdle. Closing the year in green (above 120.23) is not just a remote possibility anymore.

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