USD/JPY Rises to Test Weekly Highs After FOMC

USD/JPY Rises to Test Weekly Highs After FOMC

27 April 2016, 20:32
Roberto Jacobs
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USD/JPY Rises to Test Weekly Highs After FOMC

A stronger US dollar boosted the USD/JPY pair that rose from 111.25 to 111.75 after the decision of the Federal Reserve to leave rates unchanged. Afterwards it pulled back and it was trading around 111.50/60.

The pair rose to test weekly highs locate slightly below 112.00; if it breaks above it would be trading at the strongest level since April 1.

FOMC: Little hawkish?

The US dollar gained momentum across the board but after a few minutes, the strength was fading. The bullish bias was created after the central bank removed from the statement the reference to global developments as a risk to their outlook, but their said that they will continue to monitor.

Greenback hit fresh daily highs, but quickly pulled back. USD/JPY rose to test weekly highs and then dropped toward daily lows minutes after the decision amid high market volatility, but it managed to remain above 111.10.

The market continues to look for a direction. While among currencies the US dollar gained, stocks also rallied and crude oil hit fresh highs.


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