September 21, 2016 The JPY is the strongest. The USD is the weakest.

With the JPY the strongest and the USD the weakest it must mean the USDJPY is getting hit. It is, but the ride today was certainly full of peaks and valleys as traders digest the BOJ actions. The last few minutes of trading as the NA traders take their punts, has seen new lows made in the pair. The JPY crosses had similar down up and down moves on the headlines, then on the retracement back down. The USD is the weakest as we head into the FOMC meeting statement at 2 PM and Yellen presser to follow. The consensus is for no change with the door open for November (really.... right before a close election) or December (like they did last year). If they do surprise and hike, look for all hell to break loose as ...well....the market is not expecting it.

The ranges and changes show the action in the JPY pairs. The other pairs against the USD are below the 22 day average trading range lines. As I get ready to hit "post" though the GBPUSD is extending the range and making new session highs It also is pushing back above the key/psychological 1.3000 level.