USD/JPY now nearly flat on the session
After falling as low as 119.06, USD/JPY is threatening 120.00. Some minor offers may block its path but the place to watch is stocks.
At some point, you have to pick a side in trades like the Fed. From where I stand it's dovish and that's good for stocks and generally bad for the dollar. But one place it's 'less bad' is USD/JPY because the yen slides on risk appetite.
I don't understand why stocks have been under so much pressure. The ebb and flow of a single day is hard to predict or even to understand in hindsight but I think stocks could finish the day higher and that will spell more gains for USD/JPY. I've been buying both today.
