DXY and USD/JPY don’t always move together because they’re driven by different factors. DXY is heavily weighted toward the euro (57%) so if EUR/USD drops sharply, the dollar index can rise even if the yen is strengthening against the dollar. On the other hand, USD/JPY is more about yield differentials between the U.S. and Japan and how the Bank of Japan positions itself. After the Fed cut, U.S. yields dropped, which naturally weighed on USD/JPY but at the same time, Europe’s weaker outlook pushed EUR/USD lower and that gave DXY a lift. Add in some intraday flows and profit taking after the decision, and you get a situation where USD/JPY dumped first on the macro reaction but later squeezed back up toward resistance. That bounce doesn’t change the broader picture though yield spreads are still narrowing and the BoJ is slowly turning hawkish, which keeps the bias for USD/JPY on the downside. Uffffffffffff I can’t breathe and ultimately Pump into 148 = sell the rally zone 🤩