We have seen some sell-off on USDJPY after release of FOMC Meeting Minutes and rightly so, as the general tone of the FOMC minutes were considerably more dovish than any one had reason to expect. It was simply not the case of raising interest rates any time soon, rather the discussion was more about headwinds to growth and weak impulses from the world, especially Europe that could hamper US growth in coming months.

USDJPY is currently hovering around 108.00 level and about 200 pips low from highs of 110.00. I am expecting further sell-off on this pair in coming days.

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