With around an hour to go until the FOMC we're heading into whipsaw country
Whatever the reasons, whoever the players, into big events like this we should always be on the lookout for the wallies who decide they need to get a late position on, or close one off.
We always see this kind of jockeying around big indicators and this is likely to be no different. I suspect that the sudden 20 pip drop in USDJPY is one of those.
Now is not the time to be a hero. If you're not already in a trade then it's time to look at the levels you'd be willing to trade after. You've a good chance of getting messed about if you start jumping in with 20 pips stops now.
If you're in a position think about how you can protect it.
Trade safe and don't be a Wally
