The FOMC minutes are slowly becoming a distant memory as USDJPY continues to give it all back
Maybe the saying 'Once bitten, twice shy' is appropriate for dollar bulls, after all, they've been here before and many times.
It looks like 110.00 has been given up as it's now become resistance.
USDJPY 15m chart
109.80 offers support here and if that goes we're back where we started before the minutes. 109.40/50 remains the main support point.
EURJPY is on the slide also so there might be some pull there. EURUSD is looking at 1.1200 now so we may finally get a move out of the morning range. The dollar looks like it's holding its ground against other currencies, aside from the pound an yen, so it's all about the euro.
The dollar hasn't been able to back up the jump in expectations for a June hike. From a 4% chance at the beginning of the week, the implied probability now stands at 32%.
