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USD/JPY reclaims the 148 handle as EUR/USD slips

Perhaps it is a surprise to see the USD/JPY bouncing back this evening? Well, that is what it is doing right now. The dollar has just reclaimed the 148 handle and it has been a steady climb higher over the past 2-3 hours. The move higher comes despite no discernible rise in US yields. There is an element of a more general dollar rebound in play this evening ahead of those Fed meeting minutes, due for release at 7pm GMT. That is because the EUR/USD is falling back at the same time and has just now  set session lows at 1.0913. So, as things stand there is in place a double top on the daily charts, from the high yesterday, at 1.0965 and the high so far today, at the same level. There will be more to add on that later this evening, when an update will follow after those Fed minutes are released. Meanwhile, the USD/JPY is just now trading at 148.04
 

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