USD/JPY : Support – 97.50 Resistance – 98.50
USD/JPY will be stuck in a tight range until the Fed and nonfarms. The exporters apparently got a bit nervous last few days and started selling, with market chatter that they have left offers above 98.50. Overall, with AUD leading the charge and an overall low level of the dollar going into the risk events this week, would not be surprised to see USD/JPY gravitate higher. There are stops above 98.60 now which we should get pre-Fed. On a range basis, you can buy it low 98s with a stop at 97.50.
