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USD/JPY recovers and extends rebound from late yesterday afternoon
Just as the Fed boss, Jerome Powell was about to speak yesterday evening the USD/JPY nose-dived, to a low underneath 157.20. The fall came from levels close to 158. The comments from Powell were not hawkish at all. Perhaps that was to be expected given the recent US inflation data and it seems someone got in front of that rhetoric and smashed the USD/JPY lower. However, the dollar rebounded immediately and once back above 158 it extended today after the US close, at 158.06. The dollar has pushed to a high at 158.79 a moment ago. The gains in the USD/JPY come even as US yields edge a little lower this morning and the Nikkei 225 early makes much progress today. The USD/JPY is currently trading at 158.73
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