USD/JPY is at a session high of 108.60 in the lead-up to the FOMC minutes.
I get the sense the market wants to hear something overtly hawkish before buying the dollar but it’s clear the dollar bulls aren’t sitting on their hands.
The thing about FOMC minutes is that there is so much in it that you can spin it any way you like. I wrote about 11 things to watch for.
There are offers at 108.85 that should cap USD/JPY into the minutes (at the top of the hour). Beyond that are offers at 109.00, 109.25, 109.50 and then heavier sales start at 109.80 through last week’s highs.
