Following USD/JPY Weekly Forecast: Fed decision, covid in the Olympics and yields to shake the pairANALYSIS | 7/23/2021 3:09:08 PM GMT USD/JPY has been trading in tandem with US yields, falling as fear grips markets. The Fed decision, US GDP and the rapid spread of the Delta variant are all eyed. Late July's daily chart is painting a mixed picture. The FX Poll is pointing to short-term strength but falls below 110 afterward. A barometer of fear – USD/JPY has proved to gauge covid concerns, rising and falling with worries and US yields. Traders will eye Tokyo's covid-clouded Olympics, the Federal Reserve's decision, the first look at America's second-quarter growth – and the Delta variant as well.