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USD/JPY backs of from new session high even as Fed minutes strike a cautionary note

The US Federal Reserve have just released the minutes from their January policy meeting. The immediate take away from this has sent the dollar a little higher. Ahead of this, the dollar was pretty much unchanged overall, but with some minor gyrations that had persisted all day. Where there was any real dollar strength was best seen versus the Yen. Elsewhere it was pretty much unchanged in real terms, versus the likes of the Pound and the Euro. To cut a long story short, the upshot of these minutes is they are more on the hawkish side of the argument, with most officials concerned about the risks of cutting rates too early. So the dollar pressed a little higher immediately on the back of these minutes. The USD/JPY initially reached a new high on the day at 150.39. The Euro and the pound are broadly unchanged. However, that rise has been reversed almost as quickly now, but the price action remains skittish and unconvincing in either direction. The USD/JPY is currently trading at 150.26 

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