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USD/JPY runs into resistance around 154.70 as Fed decision looms
The move higher in the USD/JPY yesterday was all about the dollar and the Trump election win and that later saw the US currency reach a session high at 154.69 just after the European close. The dollar later posted a US close at 154.63. Earlier today the dollar peaked at 154.71 and has backed-off since then. Looking at a chart of the price action since this time yesterday morning we can see there is clearly some resistance in place around that 154.70 level. The fall back from the high today has so far delivered a session low at 153.94. The fall in the dollar today might be due to US yields stalling around 4.45% in the 10 year note ahead of the Fed policy decision this evening. The Fed is widely expected to lower the mid-point of its Fed Funds rate to 4.625% from the current 4.875% level. There will be more to add on what is a difficult decision facing the US Central Bank this evening. The USD/JPY is currently trading at 154.17
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