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USD/JPY stalls ahead of key level as Powell does the BOJ a favour

If ever the Bank of Japan needed the Fed to do them a favour, then that is exactly what Jerome Powell delivered last night. The dovish tones from the Fed boss stopped the USD/JPY dead in its tracks ahead of that major level, noted copious times here. The USD/JPY got very close to that major double top (151.91 and 151.95) yesterday, peaking ahead of the Fed policy decision, at 151.82. The slide that followed last night saw it later close in the US at 151.26, but not until after some pretty hectic price action in between 150.70 and 151.70. Earlier today the dollar fell back further, to a low so far at 150.27. It has rebounded from that low now and much of that has to do with record gains in the Nikkei 225 this morning and further rises in the major Yen crosses. There will be more to add on those later on. What is clear from all this; is the importance of that major double top and how it has stymied a further rise in the dollar. Jerome Powell has been the main driver for that failure once again. The USD/JPY is currently trading at 150.90 
 

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