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The USD/JPY is off its lows but clearly still tracking below the high seen earlier. The actual range today has been covered today by 156.11 and 156.75. As you can see, the dollar is towards the lower end of that right now and of course that does not mean it will stay there. The prospect of the BOJ hiking rates tomorrow is now pretty much the consensus and several outlets have reported so-called insider knowledge suggesting that is what is going to happen. In all truth the markets are unlikely to be very surprised by a BOJ rate hike tomorrow, but much could depend on whether, or not it is a hawkish one or a dovish one. The odds seem tilted on the latter right now. Some analysts have even suggested the dollar will rise regardless of a rate increase, but in truth that is by no means certain. So, expect more volatility overnight and some rapid price action when the news emerges around 4.30am GMT. Meantime, the USD/JPY is currently trading at 156.28
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