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USD/JPY: What next for the beleaguered pair?
This week’s key central bank meetings have come to pass. The US Federal Reserve, the Reserve Bank of New Zealand and the Bank of Japan all decided to leave their monetary policy stances unchanged, so you would have thought that the markets would not have reacted much. Well, in the case of the Fed and the dollar, you would have probably been correct since virtually no one was expecting a rate rise at this week’s meeting. The RBNZ’s decision to leave policy unchanged surprised a few people and the New Zealand dollar rallied sharply. But it was just a drop in the ocean compared to how much the yen rallied in the ... (full story)