The USD/JPY has been under pressure ever since Fed Chairman Ben Bernanke threw cold water on the prospect that the central bank would start tightening in the near-term. U.S. interest rate expectations and the dollar soared following a better than expected Non-farm payroll report sending the pair higher before the top policy maker recommitted to leaving rates low for the foreseeable future.

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USD/JPY Volatility Dictated By U.S. Interest Rate Expectations, But For How Long?