USD/JPY: Should range trade ahead of Fed

  • The market will start returning to normal after the lengthy holiday periods;
  • Thursday’s FOMC will be the next big risk event;
  • USD/JPY has major long-term resistance levels at 105.50 and short-term support at 103.90;
  • We can expect this range to be tested on multiple occasions over the next few days;
  • I’m staying in the sell-big-rally camp.

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