Buyers pushing

The US stock market is stable (see prior post). Bond yields are a bit higher. The USDJPY is taking that as a clue to go higher and the pair is doing that.

The USDJPY is now trading above the September high at 104.31 (highest level since July 29th) and in the process is moving away from the 100 day MA after 5 days of trading above and below the key MA line. Buyers are pressing the upside. There should be further upside momentum

The Fed minutes are later this afternoon. With 3 dissenting voters, the question becomes "How close are the others to joining?" A more hawkish report, will go a long way into easing the market into the once a year tightening.

The move higher in yields and the probability of a December rate hike at around 68% now, has the dollar bulls taking more control. For this pair, keep the stocks steady and the pair can advance more.