hourly USD/JPY
USD/JPY bottomed at 146.96 yesterday on comments from Ueda after the BOJ decision. The pair then rebounded strongly on broad US dollar strength to 148.55.
However it’s slumping again today after China cut the RRR by 50 bps in a sign that Beijing is finally turning on the stimulus taps.
With the break of yesterday’s low, the pair is now at the lowest levels since January 16.
Could this be a durable top in USD/JPY?