USD/JPY nails outlined technical level at 148.54 and rebounds

The USD/JPY came under further pressure yesterday evening following the dovish comments by the Fed boss, Jerome Powell. He made it perfectly clear that his base case scenario was for a rate cut in September. There can be no doubt that is his desire. It would appear his reasoning for being so clear, is that might be to avoid any criticism in regards to using monetary policy to influence the outcome of the upcoming election. So, the USD/JPY closed in the US below 150, at 149.98. It took another dive earlier today and took out the low seen yesterday, at 149.64. The fall to a session low at 148.51 absolutely nailed the 61.8% correction level (at 148.54) that was outlined to you yesterday. You were warned that a fall to that price point was on the cards and so it has been reached today and the dollar has rebounded to above 150 again since. The earlier high before that low was set at 150.32. There will be more to add on the USD/JPY as the morning unfolds. It is currently trading at 149.83