USD/JPY breaks yesterday's low as the dollar selling continues

<p>USD/JPY bottomed at 146.96 yesterday on comments from Ueda after the BOJ decision. The pair then rebounded strongly on broad US dollar strength to 148.55. </p><p>However it's slumping again today after China cut the RRR by 50 bps in a sign that Beijing is finally turning on the stimulus taps.</p><p>With the break of yesterday's low, the pair is now at the lowest levels since January 16.</p><p>Could this be a durable top in USD/JPY?</p>

This article was written by Adam Button at www.forexlive.com.