USD/JPY bounces nearly 70 pips from the lows

The stock market is positively cooking on the news the Senate could pass the tax bill as soon as today. Financials are particularly hot.

If the cut passes, expect the Fed to take a more hawkish tone in the December FOMC after hiking. That will continue once Powell takes the reigns.

That's an impressive bounce as it reverses higher.

Update: It cut through to a nine-day high. There's some resistance at the Nov 20 high of 111.73.