Dip buyers failed to stage another roaring comeback in trading yesterday and that is leaving markets on edge and hanging at the moment.

It all boils down to the FOMC meeting later today and what will be said matters more than what the Fed will do. It's all about whether there will be any hawkish undertones to take away from the meeting and Powell's press conference. As such, that will determine the fate of the market in the aftermath.

For now, things are calmer and we are likely to see a much quieter session in Europe.

In the bigger picture, I'm still leaning on the side of searching for dip buying opportunities in yen pairs and if the stocks correction runs deeper, there's only one way to play that out and that is to buy value and fade hysteria. We'll see how things play out though and what the FOMC meeting later has to offer.

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