USD/JPY makes gradual upside progress, trading up to a 117.94 high. Standing offers at 118.00 continue to restrict further gains. Movement is tentative ahead of the FOMC announcement and press conference due after the European close. A move above 118.00 would bring 118.10/15 stops in play, although the information is considered reliable that selling interest is considerable between 118.00 and 118.30.
For the technical watchers, the 118.30 level is an Ichimoku cloud base and a break through this level could fuel some stop loss activity. Further offers are said to lie at 118.35/40 and at the May 12th swing high at 118.50.
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