Pair completely retraces FOMC drop but Yellen is up next
It's taken two weeks for USD/JPY to undo two days of damage from the FOMC decision. Earlier today the pair touched 113.80 to match the Fed-day high but it's sagged back to unchanged and Yellen will soon get another crack at it.
The rule of thumb heading into Japanese year end is for domestic firms to repatriate and that could hurt USD/JPY as well.
The big driver at the moment is Yellen. In my preview of her speech at 16:20 GMT, I argued for selling the dollar.
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