USD/JPY tumbles after FOMC statement

The US dollar tumbled across the board after the Federal Reserve, as expected rose interest rates by 25bp. One member voted against the decision. USD/JPY lost more than 50 pips in after the decision. 

The pair fell from 114.50 to 113.65, hitting a 1-week low. The pair remains near the lows as the US tumbles in the market. 

US bond yield jumped after the decision and equity markets gained momentum with the Dow Jones rising back toward the 21,000 zone.

Traders now await Yellen’s press conference, scheduled to begin at 18:30 GMT.  

Technical levels 

To the upside, resistance levels might be located at 114.15 (Mar 07 high), 114.40 (previous low) and 114.80 (American session high). On the flip side, support could be seen at 113.55 (Mar 06 low) and 112.80/85 (Feb 27 & 28 high).