US stock futures still eyeing a higher opening this afternoon-check out the S+P 500 futures

In relative terms it has been a pretty quiet 2-3 hours across the markets. The focus remains very much on the Yen though and since the last update here, the USD/JPY has pressed a little higher after breaking what looked like some modest resistance around the 156 handle. Elsewhere the dollar has been trading mostly sideways, as the US stock futures continue to eye a higher opening today. That opening comes amid a dearth of Fed speakers and economic releases. All the Fed governors are on verbal lockdown anyway, ahead of the FOMC policy decision at 6pm GMT this Wednesday. There will be more to add on that in due course. The S+P 500 closed at 5,099.96 on Friday, with a gain of 51.54 points on the session. If we take the recent fall from the record high, at 5,264.85, to the subsequent low at 4,953.56, we arrive at a 50% correction of that at 5,109.21. The index did get past that level on Friday, when reaching 5,114.62, but it did not close the week above it. The index is currently poised to reopen right around that Friday high today. If the current corrective move extends further, the next potential resistance level of note is at 5,145.94 (61.8%)