Fed-inspired gains virtually gone
It seemed as though everything was lining up for USD/JPY longs. The pair was in a nice uptrend and broke the 61.8% retracement of the post-BOJ drop. The rally was driven by a hawkish Fed and little resistance stood in the way of 111.88.
Yet here we are a few days later and almost all the FOMC Minutes gains are gone, the uptrend is broken and the fundamental tailwind has flopped.
You could start to see the disappointment brewing on Thursday when there was no FOMC Minutes follow through. Where is the real money? At the moment, it's not buying dollars.
