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USD/JPY edges off session lows as Fed policy decision looms

The eagerly await Fed monetary policy decision will soon be unveiled to the markets, at 7pm GMT. Ahead of this the dollar is fighting back across the board. The losses that came into the 4pm London fix were clearly centred around a final month-end order to sell the US currency. The lead in that respect was most definitely the USD/JPY and it was also pushed lower by a quite hefty fall in US treasury bond yields. So, the USD/JPY dropped 182 points from its earlier session highs, basing out 146.08, right as the clock struck 4pm here in London. Earlier today the USD/JPY had peaked at 147.90. It has since edged back close to 146.50. The outcome of the Fed policy decision and any accompanying information on the current dot plot plan (plus any statement) could now decide, if this current rebound has more to run, or the dollar turns back down again into the monthly close. The USD/JPY is currently trading at 146.47

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