USD/JPY: downside to extend? - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair traded as high as 104.47 this Wednesday, the highest since July 29th, and ahead of the release of the FOMC Minutes.

Key Quotes:

"Data coming from Japan at the beginning of the day, came better-than-expected as core  machine orders dropped 2.2% in August and when compared to July, beating expectations of a 5.5% decline. Also, machine orders rose 11.6% year-on-year, exceeding expectations of a 6.5% advance.

The pair retreated after the release of the latest FOMC Minutes which left a sour taste on traders' mouth, as its clear the lack of consensus among US policy makers. Still holding above 104.00, the short term picture for the pair suggests that the downward move may extend ..."