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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