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USD/JPY falls below 151 as Powell speaks

The USD/JPY initially fell back quite sharply after the Fed left their Fed Funds rate on hold whilst still pencilling in 3 rate cuts this year. The move higher in stocks and lower in Bond yields helped to push the Yen higher. Right now the Fed boss has just begun his post FOMC press conference. He is not yet offering much new in terms of rhetoric, but that might come when he gets around to the Q+A session shortly. The USD/JPY has been pretty volatile though and after falling to 151.25, it then rebounded to above 151.70 again. However, it has just now fallen back once more and the price action is rapid and volatile and very hard to pin down. The USD/JPY is just now falling back close to the 151 handle. In fact it has now traded below that level

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