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While the Fed’s minutes essentially took June rates lift-off possibility off the table, the US dollar still managed to rally against the majors. Essentially, the Fed said it will not be hiking until it has clarity on how a mixture of transitory and longer-lived factors are influencing growth factors. USD/JPY is the pair to watch at the moment after a long period of consolidation hinged on the ¥120.00 handle. However, the pair has since rallied through ¥121.00 and managed to print a high of ¥121.48. A downtrend that’s been in place since March 10 highs has also been broken now and this could give the bulls fresh impetus to drive the pair higher. Initial resistance for any longs will be in the ¥122.00 region which is where March highs kick in. Once that level is cleared, it’ll all be about momentum plays with trailing stops being the best way to play the pair. The Bank of Japan meeting and press conference will be the next key event risk for the pair.