USD/JPY: bearish in Tokyo, market not so convinced by FOMC minutes?

Currently, USD/JPY is trading at 116.68, down -0.58% on the day, having posted a daily high at 117.45 and low at 116.58.

FOMC Minutes: Policymakers generally agreed to continue to closely monitor inflation

USD/JPY has taken a turn for the worst as the yen hammers down the nail in the coffin for the greenback with a break below the 117 handle and testing the bull's commitments at the mid point of the 116 handle with risk to 116.02 on a continuation should stops give out below current spot. The theme has been bettered offered for the US dollar overnight with initial profit taking and the DXY dropping back from 14 year highs while the FOMC minutes revealed cautionary language in respect to the Feds dot plot and renewed hawkishness, despite being a hawkish set of minutes overall.

Fed three hikes? Somewhat skeptical - Rabobank

USD/JPY levels

With spot trading at 116.69, we can see next resistance ahead at 116.92 (Weekly Classic PP), 117.05 (Yesterday's Low), 117.09 (Daily Classic S1), 117.26 (Hourly 200 SMA) and 117.31 (Hourly 100 SMA). Support below can be found at 116.62 (Weekly Low), 116.58 (Daily Low), 116.46 (Daily Classic S2), 116.30 (Daily 20 SMA) and 116.01 (Weekly Classic S1).