USD/JPY: breaks the 113 handle ahead of Trump's big event for markets

Currently, USD/JPY is trading at 113.14, up 0.74% on the day, having posted a daily high at 113.21 and low at 112.30.

Despite a mixed backdrop from Wall Street and lower stocks, USD/JPY is bid to the aforementioned highs in Tokyo as traders get behind the dollar ahead of the main event that will be with Trump's address to Congress in the coming hours. 

When is Trump's joint session of Congress?

The dollar regained demand on with hawkish comments from Fed officials calling for a rate hike as soon as next month and an additional two this year. The US/Japanese spread continues to favour the greenback and the major has rallied from 111.67 overnight lows. 

USD/JPY levels

USDJPY broke above the February 7 multi-month low at 111.63 and its 100 day MA (111.91) and has gone on to break the resistance is expected in the 112.80-113 area. The [rice trades above the 4hr 50 sma at 112.88 and the 20 sma on the same time frame at 112.42 below that come as support levels on a break back below the 113 milestone level. The 200 smoothed ma at 112.113.39 on the 4hr time frame guards the psychological 114 handle and 114.83. " A close above the 115.62 19th January high is needed to reintroduce scope to the key short-term resistance offered by the 16-month resistance line at 117.91," argued analysts at Commerzbank.