December 5, 2022

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USD/JPY breaks the pre-FOMC minutes high

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USD/JPY up 30 pips in Asia-Pacific trading to 110.07.

USD/JPY up 30 pips in Asia-Pacific trading to 110.07.

USD/JPY is benefiting from (or driving?) the broad rally in the US dollar so far today in Asia-Pacific trading.

It’s still not clear what’s behind the dollar bid. I initially suspected EUR/USD flows but the euro has flattened out and USD/JPY is continuing to move higher, so that’s a more likely culprit.

In any case, USD/JPY has edged above the pre-FOMC Minutes highs.  That report weighed on the US dollar but not for long.

The short-term chart won’t offer much resistance now until at least 110.40 or 110.80.

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