USDJPY closed Wednesday’s session with modest gains at 156.75 as the FOMC minutes highlighted worries about inflation and disagreements among policymakers on the timeline of monetary easing. The soft bullish move was enough to drive the price above the short-term resistance line drawn from April and therefore boost optimism for a continuation higher, but there are a couple of obstacles which could still stop the rally. Specifically, the 23.6% Fibonacci retracement of the latest upleg near 157.00 and April’s border of 157.83-158.40 are within breathing distance and overlap with the broken support trendline from March. ... (full story)