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USD/JPY remains fundamentally supported on both sides of equation. Progress on U.S. tax reform means prospects for more Fed hikes and wider interest rate spread. Japanese PM Abe's recent election victory means more Abenomics. After seven consecutive green weeks, Nikkei is trading at 20-year highs.
The pair started the week by falling below the 2017 resistance line, but is already back above the level. 114 is the immediate resistance before last week's high near 114.5. After that, 115 - 116 is the major resistance area to watch. 113.25 - 113.5 looks like a strong support.
The pair started the week by falling below the 2017 resistance line, but is already back above the level. 114 is the immediate resistance before last week's high near 114.5. After that, 115 - 116 is the major resistance area to watch. 113.25 - 113.5 looks like a strong support.
