Solid turn in USD/JPY
We're just over 24 hours away from a Federal Reserve decision and the BOJ isn't long afterwards. Given that, it's tough to read too much into the ebb and flow of the pair given that timeline.
What's clear is that expectations for the Bank of Japan are extremely lofty.
Technically, the drop today bottomed at 103.99. That's a sign of limited selling appetite below the big figure. It was also just above the 50% retracement of the July 8-21 rally.
At this point, I can't see much else besides consolidation until the Fed decision.
