USD/JPY continues its strongly bullish move that started on Election day when Trump won the Presidency. Since then, the pair has been trading sharply to the upside with price going from 101.20 to a high of 114.80. Main trend as of now is bullish as market sentiment shifted from the long-term bearish channel when the price reached a low of 98.97.
If tomorrow the news are for more jobs created and positive NFP data, we can expect further continuation of the bullish move. In light of that, first resistance is seen at current market price, which is also forming a double top at 114.80. If that level is taken out, we can expect price to reach 120.00 and even 121.70 to meet the second resistance.
The US dollar is definitely having the best time this year and it doesn’t look like it’s about to end with the end of the year. If we get a raise in mid-December and good tidings from President elect Trump the domination of the US dollar is bound to continue in 2017.