USD/JPY closed the gap that opened up to start the week and now it’s content to drift sideways.
The calendar is light until the decision in Asia and the US so it will probably continue to muddle along.
Small bids at 99.00 held the last push lower. If the big figure breaks, there are large bids in the 98.70/50 range I doubt will be broken before the FOMC. Monday’s low was 98.45.
The high today was 99.38 and we’ve backed off that despite upbeat sentiment in the stock market. Exporters are on the offer at 99.40/20 and there are more offers ahead of 100.00 with buy stops at 100.05.
