USD/JPY broke resistance at 90.07 and triggered 90.10/15 stops, rallying to 90.59 thus far. EUR/USD has fallen back, catchig me a bit off guard. I would have expected EUR/JPY strength to cushion and dip in EUR/USD. Stocks are up 3.75% after the news.
The wild card in the FOMC aftermath is the meaning of the Lacker dissent. Some see the move as a protest of the FOMC being marginalized now that rates are effectively at zero. We’ll have to wait for the minutes for confirmation.
90.90 and 91.30 are resistance above the market near-term.
