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USD/JPY Finds Poise After Post-FOMC Dip

JPY

USD/JPY went offered on Wednesday, with the move driven solely by the FOMC's monetary policy decision, as Japanese markets remained shut for the Golden Week holidays.

  • The Fed delivered a 50bp rate hike and announced B/S normalisation, while Chair Powell pushed back against the idea of 75bp moves at the coming meetings.
  • USD/JPY edged higher in early trade before trimming some gains and last deals +15 pips at Y129.24. Topside focus falls on Y131.25, the high print of Apr 28. Bears look for a retreat under that day's low of Y128.34.
  • Japan's row with Russia escalated as Moscow slapped sanctions on 63 senior Japanese officials, including the Premier and his key ministers. PM Kishida assessed that Russia bears sole responsibility for driving bilateral relations to their current condition.
  • Reminder that Japan will publish monthly Tokyo CPI data on Friday, when local financial markets re-open after holidays.
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