USD/JPY rallied overnight, led by demand from leveraged funds and local names that kept the pair bid into the Tokyo fix. The topside was capped at 108.50 though, and the Dollar is under renewed pressure in the London session. Unlikely that we’ll see a larger move in the pair ahead of tonight’s FOMC minutes and a large option expiry at 108.00 (1.67 billion) might keep price close to that level. The next key support level is 107.50 and break below would pave the way for a deeper correction towards 106.00
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