The US dollar exploded to the upside against the Japanese yen during the session on Wednesday, as we continue to see buying pressure. Further exacerbating the move was talk of a tax reform package coming out of the United States much sooner than anticipated, and that of course is very good for the dollar itself. That should make US companies more competitive, and therefore should be good for the US economy. With this being the case, it makes sense that we continue to see buyers jump into this market place and reach towards the 111 level. Once we break above there, we could see a significant move higher.
Written by FX Empire