U.S. stocks rallied to new record highs yesterday after Trump said he is releasing "something phenomenal in terms of tax" in the next 2 to 3 weeks. Bond yields and the dollar followed suit. USD/JPY rose more than 100 pips in the N.A. session.

Bulls gained the upper hand in the big battle near 38.2% retracement of the election rally. 114 is the initial resistance and then stronger one between 50 DMA and 115.50. Staying above 113 would maintain bullish picture.

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