Dip bought for the second day
USD/JPY is up near the top of a longer-term range and threatening to break out.
To my way of thinking, if it was going to fail it would have been yesterday or today when the sellers pounced on tax reform and jobs news. Instead, both dips were bought aggressively.
That's a bullish signal.
One spot to watch is how this pair reacts after the options cut. There is $2.2B running off at the 10 am NY cut. Unfortunately, that signal is going to get mixed up with the ISM non-manufacturing data and the factory orders report which will be released at the same time.