If you’re just catching up after a busy weekend, then the major that is in focus today has got to be the USD/JPY. On Friday the USD really got a kick as it charged higher after US President Trump’s Tax Reform, took a huge step forward.
Then over the weekend Japanese Prime Minister Shinzo Abe's Liberal Democratic Party (LDP) looks to be continuing to lead the country, which effectively means the era of easy monetary policy will continue and that will put more pressure on the JPY.
From that perspective, it seems to me that the only way for the USD/JPY this week is up.
This first upside target is the round number at 114.00. That isn’t all that far away. After that, we have resistance at 114.50. If we pullback that might be a good buying opportunity and I would be targeting the resistance turned support at 113.45 as a good point to be a buyer.
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