USD/JPY inches through technical level.
The US dollar is generally quiet after strong gains early in European trading but a round of yen weakness is helping USD/JPY. The pair just edged through the March 31 hit to the best level since March 20.
On the heels of the non-farm payrolls selloff the pair has posted the best two-day rally since Feb 11-12.
USDJPY daily
I expect the rally to continue through the FOMC minutes tomorrow. The Fed is likely to be upbeat and there may be some hawkish talk.
That said, the immediate-term is probably overdone and there is a risk of a sag as London heads to the pub.
Greg takes a closer look at the USD/JPY technicals.