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.
