USD/JPY shot straight up after the Federal Reserve released its minutes from the last meeting. The lack of a mention of QE3 had traders running to the USD, and it appears that the market is ready to start running again. The 80 level is still our "line in the sand", and we are buying on dips now.
The GBP/USD fell hard after the same announcement, but was already soft truth be told. The 1.60 level looks resistive at this point, and this failure has us thinking sell. However, there is the 1.59 level to get past first....
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