USD/JPY up 0.88% on the day at 113.64, dollar stabilizing before Yellen

Currently, USD/JPY is trading at 113.64, up 0.88% on the day, having posted a daily high at 113.65 and low at 112.57.

Fed's Beige Book: Majority of Fed districts described labor markets as tight

USD/JPY has rallied and broken up through the mid-point of the 116 handle as markets get set for Yellen speaking on the hour in a speech that she will make before Trump's inauguration this Friday.  The US dollar has stabilized after yesterday's bruising.  From a fundamental perspective, little has changed, explained analysts at Brown Brothers Harriman, noting the divergence between central banks and adding,"Comments by two Fed officials (President Williams and Governor Brainard) reiterated that fiscal stimulus could lift growth and boost the deficit, and that monetary policy would have to take that into account. "

Yellen preview: What to expect of EUR/USD?

USD/JPY levels

Current price is 113.64, with resistance ahead at 113.65 (Daily High), 113.77 (Daily Classic R1), 113.93 (Hourly 100 SMA), 114.14 (YTD Low) and 114.31 (Yesterday's High). Next support to the downside can be found at 113.28 (Hourly 20 EMA), 113.20 (Daily Classic PP), 113.04 (Weekly Classic S1), 112.66 (Daily Open) and 112.65 (Monthly Low).