USD/JPY is on the upward march since Donald Trump won the US Presidential Elections.
On the day of the election it first threw a tantrum on Trump winning US Presidential Elections news.
But then USD/JPY changed mind and has been climbing up since.
Financial media is dubbing it the Trump Rally. US Dollar is rallying hard.
FOMC has added more strength to this rally by increasing the rate.
USD/JPY is now touching 118 level.
This is making Bank of Japan happy.
Bank of Japan after all wants Yen to weaken and this is precisely what is happening.
So there is no chance Bank of Japan will intervene in the near future.
USD/JPY is a pair that doesn't change direction too often.
Bank of Japan has the power to change the direction of USD/JPY.
Since Bank of Japan is not going to intervene, I believe this uptrend will continue for a while as long as the US Dollar rally continues.