The dollar tumbled all the way to ¥110.67 - a 17-month low - in the hours following the Fed's dovish meeting results, but quickly bounced back to nearly ¥112 in just about a 30-minute timeframe starting at about 8:30 ET this morning.
"That's [¥111] their Maginot Line," says currency strategist Boris Schlossberg, suspecting the big move was the result of the BOJ stepping in.
The greenback is currently lower by 0.85% to ¥111.57.
Previously: "The tailwind of the weak yen has gone" (March 17)
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