Stock market rally not giving a lift to USD/JPY
The record in the S&P 500 yesterday didn't offer much support to USD/JPY. That's been the story this year as the yen holds a relentless bid.
It's all about the technicals today with the 100-day and 200-day moving averages at 111.70 and 111.73, respectively. The October 16 low of 111.65 is also part of that technical cluster.
For me, I can't see some kind of breakdown this week with the US heading to the exits in a few hours. But if tax reform starts to stumble or risk aversion kicks up for some other reason, it could get ugly.
