The trend on USDJPY is still , however sustained mixed US data recent has slightly slowed the rally. If you have been trading GBPUSD you would certainly have noticed this (and hopefully have profited from the fundamental divergence). The market has taken Yellen's comments last week as dovish. The rate hike is going to take a 'gradual' approach with the dependent variable being a sustained period of good economic data to warrant the rate increase.
Form your own opinions.
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