USD/JPY is static ahead of the US FOMC decision, with prices hovering around the 119.15/20 area. The pair made a brief uptick earlier on in the session but was unable to overcome the 119.30 level amid Japanese commercial selling. Reports of a large Japanese entity around the 119.30 emerged in the European morning session and this activity appeared to cap the topside into the NY cut.
Offers are noted from 119.30 up to 119.50, with exporters and local names lowering their interest after yesterday's failure at 119.65. Elsewhere, EUR/JPY continues to struggle around the 150.00 region. A brief move higher saw the pair record a 150.05 high but a series of Japanese and European names appeared on the offer.
Real money selling and options interest has been behind the interest, while vague reports of central bank activity has done the rounds after reports of commercial interest early on in the week. Focus beyond the US FOMC meeting is expected to turn to Japanese policy, with CPI due for a Friday release. Currently, interbank sources are touting rumours of a well know Washington based advisory looking for a dovish BOJ.
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