USD/JPY hovering around 101.20 after FOMC minutes

USD/JPY continued to trade in ranges after the release of the minutes from the latest FOMC meeting. The pair currently trades at 101.22/26, inside an intraday range between 101.45 (American session high) and 101.15.

According to the minutes, Fed officials agreed it was prudent to wait for additional information on jobs, growth and the Brexit referendum before any move regarding rates. The minutes added a little information to investors and impact on the market was limited.

USD/JPY consolidating off lows

After bottoming during the European session at 100.19, USD/JPY bounced to the upside, trimming losses. It peaked in New York at 101.45, below yesterday’s closing price. The recovery lost strength below 101.50.

From the lows, the pair rose more than a hundred pips and remove some of the short-term bearish pressure but on a wider perspective, the trend continues to favor the yen.