USDJPY Body Blow

22 Aug

The USDJPY was hit hard on Wednesday following an unexpectedly dovish FOMC Minutes.  The USDJPY had been moving in anticipation of higher treasury yields out of the USD following diminished expectations for further QE.  The minutes dampened this hypothesis but it should be noted that the August Minutes were created before the recent batch of positive USD data.  In the short-term Support is at 78 and resistance starts at 78.70 followed by 79.15.

Sup        78

Res      78.70

Keane Plan:   Standing in the sidelines at the moment.

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