You've to hand it to her

Dovish Janet is back. She sailed through a hike, left as long as possible, and now it's back on the dove train.

The FOMC are not buying into the higher inflation and jobs gains are expected to keep trucking despite the clouds they see on the horizon.

We've been down to 112.85 so it's not a complete blow out. The market was right to lean the way they did.

USDJPY H4 chart

Watch 112.60 under here then 112.20 before we look at 112.00. If we break any of those then we could have some fun.

Elsewhere, GBPUSD has hit old resistance at 1.4230 and that's put the brakes on that rally

GBPUSD daily

EURUSD has 1.1200/15 to overcome before running higher

GBPUSD daily

It's hard to see how she can turn the dollar around in the presser so look for more dovish tones to bring the second wind to these moves