Dollar-Yen buys back ahead of the anticipated passage of the U.S. tax reform bill; a combined signal: buy signal confirmed!
As each country's monetary policy events conclude and market participants gradually head into year-end holidays
Dollar/Yen seemed likely to test below 112, and head into the weekend, but in both houses of the U.S. Congress
a unified tax reform bill is expected to be passed early next week, and the president is set to sign it on the 22nd, making the bill law
with a high probability, supporting dollar buying and closing the day on a supported note
In the near term, with monetary policy events for each country already completed, through Christmas
movement is expected to be driven by the potential passage of the U.S. tax reform bill
In short-term trading, dollar/yen has fallen below the FOMC-driven lows, favoring selling
but reversed in the New York market on the weekend, and with light trading, up to Christmas it is reasonable to view 112 as a battle zone
After the weekend New York participants re-enter, expectations for U.S. tax reform bill to pass within the year reignite, and dollar/yen is bought back
Although the decoy (shadow) market already showed a reversal signal, the price action could not rise
amid stalled movement, a reversal signal near the previous maximum flashed, supporting the surge in price
From after Christmas, domestic participants will be on holiday until after the New Year, but overseas participants
will begin full-scale participation after Christmas, leading to larger moves in the overseas market
in various currencies, so please trade with caution
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