IRAN: KUWAITI STATE NEWS AGENCY SAYS TWO FIRES IN SOUTHERN KUWAIT

• Warsh says that he has "encouraged my colleagues" to continue submitting projections for the SEP, but "I, however, refrain from offering any projections of my own, consistent with my long-held views on the SEP, at least as currently structured. "
• He says that re the Statement, "Absent also is so-called forward guidance, which we agreed was not well suited to the current policy conjuncture."
• Warsh announces the creation of 5 task forces, all areas of reform that he has stated before:
  • Communications
  • Balance Sheet
  • Use and reliance on existing data sources
  • Productivity and jobs in an era of transformation
  • The Fed's inflation frameworks

• New Chair Warsh opens the press conference with a prepared statement by saying "This week's FOMC meeting exemplified the very best of college traditions, rigorous debate, open-mindedness, commitment to mission, responsibility and accountability for performance in this business. In this business, they all add up to one thing - getting monetary policy right - or as near to it as we can do. That is our North Star."
• "We recognize that inflation has been running well ahead of the Fed's longest stated inflation goal of 2%. That's been going on for more than five years. Persistently high prices are a burden for the American people, but the recent past need not be prologue. I am pleased to report that members of the FOMC are unambiguous and unanimous, this committee will deliver price stability."

• RES 4: 161.46 1.618 proj of the Jan 27 - Feb  - 12 price swing
• RES 3: 161.00 round number resistance 
• RES 2: 160.72 High Apr 30 and the bull trigger 
• RES 1: 160.59 High Jun 11
• PRICE: 160.20 @ 17:26 BST Jun 17
• SUP 1: 159.78 20-day EMA 
• SUP 2: 159.11 50-day EMA 
• SUP 3: 158.30/157.32 Low May 15 / 14
• SUP 4: 156.69 Uptrendline drawn off Apr’ 25 low

A bull cycle in USDJPY remains in play for now. Sights are on key resistance at 160.72, the Apr 30 high. A clear break of this hurdle would strengthen the uptrend. Note that a breach would also cancel a bear threat that still exists highlighted by the large bear candle on Apr 30 - it is still possible that the recovery since May 6 is a correction. Initial firm support to monitor is 159.11, the 50-day EMA.