USD/JPY slides further as Dollar loses traction across the board

The USD/JPY has taken quite a hit over the past hour. The fall below 147.10 seems to have tripped a whole bunch of stops and has come as the dollar elsewhere falls back further, versus the Pound and the Euro. The USD/JPY has just now hit a session low at 146.48 and the falls comes as US yields slip and the US stock markets reverse earlier opening gains, most notably in the Dow Jones. The slide in the dollar is gathering momentum ahead of the Fed policy decision this evening and comes leading into the final 4pm London fix of the month. So, the further downside right now could be pushed by that too. The US money markets have now reversed their outlook for the Fed to hold back on rate cuts this year following all the data releases this afternoon. They are now pricing 6 Fed cuts this year and that shift in outlook has really dented the dollar this afternoon. The USD/JPY is currently trading at 146.53