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  • Yellen comments seem like a trial balloon pre-FOMC Not that FX markets care; $EURUSD inside day; $DXY, $USDJPY, $GBPUSD all within +/-0.2% of daily open.
  • - Sees transitory influences on inflation, adding that inflation will decline over time
  • US Treasury Secretary Yellen says we are monitoring inflation very carefully and take it seriously - current burst of inflation reflects the difficult of reopening economy that has been shutdown - we are taking steps to address bottlenecks afflicting the economy right not
  • Comfortably Numb by Pink Floyd now.
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.23% 🇦🇺AUD: 0.23% 🇬🇧GBP: 0.16% 🇯🇵JPY: 0.10% 🇪🇺EUR: -0.02% 🇨🇭CHF: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GhCvNpdh2E
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.29% France 40: 0.13% Germany 30: -0.09% US 500: -0.09% Wall Street: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/E3ncs0dG7P
  • $NQ bid at the open, looks like little fear of a Fed surprise at this point. Nasdaq 100 up a little under 9% from the low on the minutes release in mid-May (from April rate decision) https://t.co/nbtLNLE3pq
  • EUR/USD attempts to retrace the decline following the European Central Bank (ECB) meeting as it bounces back from the 50-Day SMA (1.2104). Get your $EURUSD market update from @DavidJSong here:https://t.co/FTPd6MfHDz https://t.co/Cu2r2QD2A5
  • ...I could probably stay on the CCR catalogue to represent various possible outcomes from the Fed. I Heard It Through the Grapevine, Who'll Stop the Rain, I Put a Spell On You, Fortunate Son...
  • What's on your pre-FOMC music playlist today? Not even thinking about it, I seem to have started with Bad Moon Rising by CCR
Dollar Seems Likely to Bounce versus Yen

Dollar Seems Likely to Bounce versus Yen

David Rodriguez, Head of Product
Dollar Seems Likely to Bounce versus Yen

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USDJPY Heavily one-sided retail trader sentiment suggests the US Dollar may stick to its tight trading range versus the Japanese Yen.

Trade Implications – JPY Pairs: Yesterday we noted that a major USDJPY breakdown could spark much larger FX market volatility. Yet that seems relatively unlikely given extremely slow price action, and instead the potential for a crowd sentiment extreme favors a USDJPY and EURJPY bounce off of key lows.

See next currency section:AUDUSD - Australian Dollar Likely to Continue Higher

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Dollar Seems Likely to Bounce versus Yen

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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