S&P 500 concluded November with bang with bulls charging into the scene after Fed Chair Jerome Powell confirmed that the central bank will slow the pace of its aggressive rate hikes.

After breaking through the 15 and 34 Simple Moving Averages, the USDJPY could be gearing up for further upside. Bulls remain hungry and currently eyeing the critical resistance at 132.903. A solid breakout above this point may signal further upside in the medium term.