HelenRush

JPY: That Monday Morning Feeling

FX:USDJPY   U.S. Dollar / Japanese Yen
Japanese general elections took place on Sunday. According to exit polls, PM Abe’s party is going to celebrate the victory. These were not good news for the Yen, definitely. This means the Central Bank will continue its ultra-easy monetary policy . And, indeed, the government is going to hasten the process of Abenomics.
It is not surprising USD/JPY opened with a gap up of 50-pips and refreshed month’s highs at 114.10. The “action” has already eased by now but the pair still can’t fill the gap. The initial surge seemed to be short-term and USD/JPY is under some minor bearish pressure near the 113.70 area.
At the same time, USD is getting a good support because the markets are still welcoming the Republican-controlled Senate's approval of a 2018 budget blueprint.
The USD-bulls don’t have any significant resistance ahead of 114.00 level. In case of this level’s capitulation, the next bullish target will be the 114.50 area without any serious counter-arguments from the bearish side.
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