Currently, USD/JPY is trading at 111.81, up 0.46% on the day, having posted a daily high at 111.87 and low at 110.86.
USD/JPY is staying with the bid as we progress towards the close of the US session today. DXY managed a bid up through the 97 handle with a high of 97.41. 10-years were also higher today by 1.24% within a range of 2.2240-2.2887%.
After the announcement of Trump's budget plan, the major Wall Street was risk-on and accelerating on US Treasury's Mnuchin's comments when he said that he hopes to get tax reform completed this year
US President's Budget FY 2018: A new foundation for American greatness
USD/JPY levels
Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY is technically settled midway between the 50% and the 61.8% retracement of the latest bullish run. "Moving averages remain flat, as technical indicators keep lacking directional strength, currently within neutral territory. The risk remains towards the downside, albeit only a downward acceleration through 111.00 will confirm additional declines. The bearish pressure will likely ease on a break above 112.00, but gains are hardly expected to extend beyond 113.00 this week."
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