Fed to slash rates by 0.75%, dollar continues to drop

The Federal Reserve Bank slashed interest rates by 0.75%  yesterday, more than the expected 0.5%. Lowering the dollar interest rate to 0.25%
These are almost near zero borrowing cost, even lower than the current 0.3% rate on  Yen, an unprecedented low for the US dollar.

The market reacted immediately, as the EURUSD kept pushing higher, crossing above 1.4 to an 11 week high.
In total, this pair has moved up 1300 pips in the last 5 days.
This is a major twist in dollar sentiment, and a much greater move than the natural correction I was expecting in my long term analysis for this pair a few posts ago.

The USDJPY has dropped well under the psychological level 90, and this morning it is trading around its  13 year low;  88.16

The Japanese finance minister  said he is ready to take steps in the currency market.
Any sort of serious intervention from the said of the Japanese government might push this pair much higher than its current level.

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