USDJPY moves higher. Rubio "Yes" on tax vote helping

Technical Analysis

Author: Greg Michalowski | usdjpy

Tests 38.2% and the underside of broken trend line

The USDJPY has moved higher on the back of Rep Mario Rubio, saying he will now vote "Yes" on the tax bill.  


The pair is up retesting the underside of the broken trend line at 112.68 and the 38.2% of the week's trading range at the same level. 

A break above will look toward the 200 and 100 hour MAas at 112.916 and 112.98 respectively.  The 50% of the week's trading range also comes in new the area have one 112.886. 

Stocks have gotten a bump up as well
  • S&P indexes up 19 points or 0.71%
  • NASDAQ composite index is up 38 points or 0.55%
  • Dow industrial average is up 143 points or 0.59%
US yields are moving higher, with the yield curve flattening a bit.
  • two-year 1.84%, up 2.9 basis points
  • 10 year 2.373%, up 2.3 basis points
  • 30 year 2.716%, up 1.0 basis points
The tax bill contains a child credit increase which is what Rubio was looking for....