USD/JPY has traded a 107.10-107.35 range and is contained so far by the 107.09-107.37 pivot points. Offers are clustered ahead of the 107.50 barriers, this will prevent shot-term gains. The market will likely not break out of its recent range until after the looming FOMC. Note buy stops have formed above 107.50. EUR/JPY has traded a 138.79-139.19 range so far today.
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