GBPAUD Triangle Breakout (Nov 15, 2017)
GBPAUD is slowly breaking above the resistance of its symmetrical triangle pattern on the daily time frame. This chart pattern is approximately 2000 pips tall so the resulting uptrend could be of the same height.
The 100 SMA has just crossed below the longer-term 200 SMA on this time frame but appears to be ready for another upward crossover that could draw bulls back in. Stochastic has been on the move down but is turning higher as well.
UK CPI came in weaker than expected for October as the reading held steady at 3.0% instead of improving to the estimated 3.1% figure. Core CPI was also unchanged at 2.7% instead of rising to 2.8%.
Traders are now waiting on the release of the claimant count change and the average earnings index for signs of wage growth. The index is slated to dip from 2.2% to 2.1% to signal weaker spending and inflationary pressures.
As for the Australian dollar, the currency was weighed down by downbeat Chinese industrial production and fixed asset investment which signaled slower demand for commodities. The Aussie also got hit by weaker than expected quarterly wage price index, which posted a 0.5% gain versus the estimated 0.7% increase. Australia’s jobs figures are due tomorrow.
By Kate Curtis from Trader’s Way
EURAUD Bullish Momentum (Nov 16, 2017)
EURAUD was previously trading inside an ascending channel pattern and has surged past the resistance to signal a steeper climb. Price stalled upon reaching resistance at the 1.5600 mark, so a correction to the broken resistance could be due.
This lines up with the 38.2% Fibonacci retracement level around 1.5400-1.5450, which might keep losses in check. A larger correction could last until the 61.8% Fib at 1.5300.
Stochastic is on its way down so price could follow suit while sellers remain in control. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is still the upside, which means that the uptrend could resume at some point.
Australia’s jobs figures turned out weaker than expected as the economy added only 3.7K jobs in October versus the projected 17.8K gain. On a less downbeat note, the previous reading enjoyed a significant upgrade to show a 26.6K increase in employment while the unemployment rate improved from 5.5% to 5.4%.
Prior to this, Australia’s quarterly wage price index fell short of estimates at 0.5% versus 0.7%. Chinese reports also turned out weaker than expected, suggesting slower demand for raw materials.
As for the euro, the shared currency got a strong boost earlier in the week from stronger than expected flash GDP readings. The region’s trade balance also turned out stronger than expected and final CPI readings are due today.
By Kate Curtis from Trader’s Way
GBPJPY Descending Channel (Nov 17, 2017)
GBPJPY continues to trend lower on its short-term time frames. Price is testing the resistance at 149.00 and could be ready for a drop to the channel support at 147.50.
The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. The 200 SMA also lines up with the channel resistance, adding to its strength as a ceiling.
Stochastic is pointing down to indicate that sellers are in control of price action, but buying pressure could still return once the oscillator hits oversold levels and turns back up.
UK retail sales turned out stronger than expected with a 0.3% gain versus the estimated 0.1% uptick. Prior to this, the claimant count change report and average earnings index also beat expectations. CPI data, on the other hand, fell short of consensus.
Brexit issues and uncertainties in PM May’s government are also keeping a lid on pound gains at the moment. So far, May has been able to defend the plans to leave the EU in the debates this week. However, the discussions are set to carry on for the next weeks and any major changes could pose more uncertainties for businesses.
As for the yen, Japanese data hasn’t been all that impressive either. The economy grew 0.3% in Q3 versus the projected 0.4% expansion while the price index came in line with expectations of a meager 0.1% uptick.
By Kate Curtis from Trader’s Way
USDJPY Range Resistance (Nov 20, 2017)
USDJPY looks ready to trade sideways on its daily time frame as price has bounced off the resistance around 114.25. This could put the pair on track towards its range support at 108.50.
The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside. However, the gap between the moving averages has narrowed and an upward crossover appears imminent. These moving averages could hold as dynamic support as well.
Also, stochastic is dipping into oversold levels, which suggests that sellers are already exhausted. If buyers are able to take over, another test of the range resistance could take place.
Over the weekend, Japan printed a stronger than expected trade surplus of 0.32 trillion JPY versus the projected 0.21 trillion JPY figure and the earlier 0.27 trillion JPY reading. There are no reports due from Japan today so the yen could take its cue from market sentiment or bond yields.
Meanwhile, the dollar also saw strong US data on Friday, particularly in the construction sector. Building permits jumped from 1.23 million to 1.30 million, surpassing the consensus at 1.25 million, and housing starts rose from 1.14 million to 1.29 million.
Only the CB leading index is due from the US today and another strong gain could keep the currency supported. Apart from that, updates on tax reform could also impact dollar movement.
By Kate Curtis from Trader’s Way
EURGBP Range Support (Nov 21, 2017)
EURGBP has been trading sideways recently, finding resistance around the .9000 major psychological level and support near the .8750 minor psychological mark. Price has just bounced off the ceiling and is halfway through on its way to the floor.
The 100 SMA is below the longer-term 200 SMA on this time frame so the path of least resistance is to the downside, which suggests that sellers could take it all the way down to the range support.
However, stochastic is already dipping to oversold levels, which signals exhaustion among sellers and a potential return in buying pressure. In that case, the moving averages might hold as dynamic inflection points around the middle of the range.
Uncertainty in German politics has weighed on the euro for the most part of the week as German Chancellor Merkel failed to strike a coalition with the Greens and FDP over the weekend. This could prompt the call for another round of elections, which could keep the shared currency in limbo for a while.
However, euro zone fundamentals remain stable and upcoming PMI readings could hint at further improvements. The ECB minutes are up for release, though, and their latest decision was considered a “dovish taper” announcement.
As for the pound, the BOE Inflation Report hearings could prove to be an event risk as this would contain more details on the central bank’s inflation outlook and rate hike bias. The Treasury’s Autumn Forecast Statement is also scheduled later in the week and would have updated economic estimates.
By Kate Curtis from Trader’s Way
USDJPY Channel Resistance (Nov 22, 2017)
USDJPY is trending lower on its short-term time frames, moving inside a descending channel and currently testing resistance. This lines up with the 100 SMA and 50% Fibonacci retracement level, which appears to have held as resistance.
The 100 SMA is also below the longer-term 200 SMA so the path of least resistance is to the downside, which means that the selloff is more likely to resume than to reverse. The gap between the moving averages is also widening to reflect stronger bearish pressure.
Stochastic is pointing down to signal that sellers are in control of price action, but that could chance once the oscillator hits oversold levels and turns back up.
The dollar slid lower against most of its peers as bond yields ticked lower on Tuesday. Yellen spoke of how the central bank is “reasonably close” to achieving its goals but that rate hikes should proceed at a gradual pace to avoid having inflation run below target for too long or to push unemployment too low.
Yellen also expressed uncertainty about inflation rebounding, adding that it’s possible for price levels to keep running below target for much longer. This probably cast doubts on rate hikes next year, weighing on the dollar as well.
As for the yen, the Japanese currency appears to be taking its cue from market sentiment and dollar price action. Japan’s all industries activity index turned out weaker than expected with a 0.5% drop versus the estimated 0.4% decline.
By Kate Curtis from Trader’s Way
GBPUSD Triangle Breakout (Nov 23, 2017)
GBPUSD appears to have finally broke out of its consolidation pattern on the 4-hour chart. Price surged past the resistance of its descending triangle, indicating its intention to go for more gains.
The chart pattern is approximately 900 pips tall so the resulting breakout could be of the same height. However, the 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside. Stochastic is also indicating overbought conditions, which means that buyers are starting to feel exhausted.
Still, the gap between the moving averages has narrowed to show a potential upside crossover that might draw more buyers in. A quick pullback to the broken triangle resistance at 1.3150-1.3200 could take place before the pair heads any further north.
The pound took hits due to downgraded growth forecasts released during the Autumn Forecast Statement and increased its borrowing estimates for the next few years to offset the impact of Brexit. However, the currency stabilized as Hammond reassured that support will be provided to help the economy weather any uncertainties.
Meanwhile, the dollar was weaker across the board during the release of the FOMC minutes as it confirmed that policymakers were increasingly concerned about weak inflation. Many participants worried that inflation would run below target for much longer than expected, hinting at a less aggressive pace of tightening for 2018.
US banks are closed for the Thanksgiving holidays so lower liquidity and higher volatility for major pairs are eyed. The UK is scheduled to release its second estimate GDP for Q3 but no revisions to the earlier 0.4% estimate are expected.
By Kate Curtis from Trader’s Way
AUDUSD Descending Channel (Nov 24, 2017)
AUDUSD is currently trending lower but looks prime for a correction to its descending channel visible on the 4-hour time frame. This is in line with the 200 SMA dynamic inflection point, but price is already testing the 100 SMA at the moment.
The short-term moving average is below the longer-term one, so the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse. Also, stochastic is indicating overbought conditions and looks ready to turn lower, indicating a pickup in bearish momentum as well.
The dollar has been on weak footing recently, as traders are reacting to the more cautious view on inflation shared by Yellen and FOMC members. In her speech earlier in the week, the current Fed Chairperson admitted that it may take longer for inflation to recover. The FOMC minutes also signaled that policymakers are worried that inflation could run below target for much longer.
Meanwhile, the Australian dollar has been bogged down by cautious RBA minutes which expressed concerns about wage growth and spending. This suggests that the central bank could stay in its neutral stance for much longer.
Most US traders are out enjoying the Thanksgiving holidays today, so liquidity could be thin. US flash manufacturing and services PMIs are up for release and these could lead to larger than usual moves for the dollar if they come in way above or below expectations.
By Kate Curtis from Trader’s Way
USDCAD Triangle Resistance (Nov 27, 2017)
USDCAD has formed lower highs and found support around 1.2675, creating a descending triangle on its short-term time frames. Price has just bounced off the triangle bottom and is making its way back to the top around 1.2750-1.2775.
The 100 SMA has crossed below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the resistance is more likely to hold than to break.
Stochastic is still heading north to reflect the presence of bullish momentum that might take price up to the triangle resistance. But if buyers are strong enough, they could push for an upside break and 200-pip climb, which is roughly the same height as the chart formation.
The main event risk for the Loonie might be the OPEC meeting as the cartel is widely expected to announce an extension of their output deal. However, since this scenario has been long priced in, profit-taking could ensue during the actual event and force the oil-related currency to retreat.
Meanwhile, the dollar has the US preliminary GDP on deck and any major revisions could dictate its direction. Traders are also waiting for more updates on tax reform as lawmakers reconvene to discuss the proposal.
Canada also has its jobs data due later in the week and stronger than expected data could keep the currency supported. Downbeat results, on the other hand, could lead to losses as traders continue to push back rate hike expectations.
By Kate Curtis from Trader’s Way
EURUSD Neckline Correction (Nov 28, 2017)
EURUSD recently broke past the neckline of a complex inverse head and shoulders pattern visible on the 4-hour time frame. Price looks ready for a retest of the broken resistance around 1.1800-1.1850.
This lines up with the 50% to 61.8% levels, which might keep losses in check and allow more buyers to join in the rally. The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside, but an upward crossover appears to be brewing to draw more bulls in.
Stochastic is heading down from the overbought level to signal that sellers are in control of price action for now. However, the oscillator is moving close to oversold levels and turning back up could reflect a return in bullish momentum.
The dollar has been able to regain some ground against its peers when US President Trump stoked confidence in tax reform progress ahead of the Senate vote that might happen as early as Thursday this week. This could revive hopes that tax cuts could be implemented before the end of the year, which would be positive for businesses and overall economic performance.
Data from the US has also been stronger than expected as new home sales rose from 645K to 685K versus expectations at 627K. The dollar dipped slightly on Kashkari’s remarks but managed to recover when incoming Fed head Powell’s speech indicated decisiveness to act in order to contain economic risks.
Meanwhile, the euro has managed to shrug off previous political jitters from Germany as signs point to a coalition being formed. Data from the region has also been mostly upbeat last week and traders are setting their sights on another pickup in inflation to be reported in the days ahead.
By Kate Curtis from Trader’s Way
EURAUD Area of Interest (Nov 29, 2017)
EURAUD previously broke past the resistance at 1.5600 then zoomed up to a high of 1.5696 before retreating. This could be a correction from the uptrend if the pair finds support at the Fib levels.
The 50% retracement level already seems to be holding as support as it lines up with the 200 SMA dynamic inflection point. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside, which means that the uptrend is more likely to resume than to reverse.
In that case, price could make its way back up to the swing high or higher while stochastic makes its way out of the oversold area to reflect a return in bullish momentum.
Euro zone reports have been mostly stronger than expected last week but this week’s set has failed to impress so far. The German GfK consumer climate index held steady at 10.7 instead of improving to the 10.8 consensus. German import prices, however, ticked up by 0.6% versus the projected 0.4% gain.
Traders might be paring risk ahead of the flash CPI releases later in the week as this could have a significant impact on ECB rate hike expectations. Today has the German preliminary CPI and French preliminary GDP, along with the Spanish flash CPI.
As for the Aussie, the major reports aren’t due until Thursday. These are the private capital expenditure, private sector credit, and building approvals figures. Chinese official PMI readings are also due that day.
By Kate Curtis from Trader’s Way
EURGBP Range Support (Nov 30, 2017)
EURGBP has been on the decline but could be due for a bounce once it tests the range support near the .8750 minor psychological level. Stochastic is on the move down to show that selling pressure is in play, but the oscillator is nearing oversold levels to signal a potential return in buyers.
The 100 SMA is also above the longer-term 200 SMA on the 4-hour time frame so the path of least resistance is to the upside, which suggests that the range support is more likely to hold than to break. If so, another bounce back to the resistance at .9015 could be underway.
Improving sentiment towards Brexit is currently supporting the pound against its counterparts as negotiating parties appear more amicable in reaching a deal. To top it off, UK data has been stronger than expected as net lending to individuals came in at 4.8 billion GBP versus the estimated 4.5 billion GBP figure.
In the euro zone, the ECB Financial Stability Review outlined risks associated with a stronger euro and higher interest rates. The rest of the review was generally upbeat in terms of economic assessment and outlook.
German retail sales and unemployment rate are due today, along with French and Italian preliminary CPI. However, traders might pay closer attention to euro zone CPI flash estimates as strong gains could renew expectations for an ECB hike next year. The headline reading is projected to climb from 1.4% to 1.6% while the core figure could rise from 0.9% to 1.0%.
By Kate Curtis from Trader’s Way
USDCAD Triangle Retest (Dec 01, 2017)
USDCAD recently broke out of a long-term descending triangle pattern to signal that an uptrend is underway. Price hit resistance around the 1.2900 mark and is starting a correction to the broken triangle resistance.
Applying the Fib tool on the latest swing low and high on the 4-hour time frame shows that the 61.8% retracement level lines up with the broken resistance around the 1.2750 minor psychological level. This is also close to the moving averages’ dynamic inflection points.
The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. However, stochastic has been indicating overbought conditions for some time, which means that buyers are exhausted and might allow sellers to take over for a while.
Economic data from the US has been mostly stronger than expected, with personal spending and income both surpassing expectations and initial jobless claims printing a lower increase in unemployment. Traders are paying close attention to tax reform progress in Senate, which is due to have a full vote on their version of the bill this week.
Support from Senator John McCain has buoyed the dollar higher on stronger hopes of seeing the bill approved, but the next challenge is merging with the version of the House before moving to the White House for Trump’s signature. Rumors that Secretary of State Tillerson is about to be replaced on account of differences with Trump in dealing with North Korea has still kept geopolitical risks in play.
As for the Canadian dollar, traders seem to have shrugged off the OPEC deal extension as this scenario has been widely expected. Crude oil dipped on the likelihood of seeing a review in June, which means that the deal could still be called off if the market overheats then.
By Kate Curtis from Trader’s Way
EURAUD Short-Term Channel (Dec 04, 2017)
EURAUD has been trending higher on its 1-hour chart and is moving inside an ascending channel. Price seems to be gearing up for a test of support around the 1.5600 handle and technical indicators are signaling that a bounce would take place.
The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. The 200 SMA is also in line with the channel support, adding to its strength as a floor.
Stochastic is starting to pull up from the oversold area to signal a return in bullish momentum. In that case, EURAUD could make its way back up to the resistance near the 1.5800 major psychological level.
Data from Australia has been mostly weaker than expected so far this week, with quarterly company operating profits down 0.2% versus the projected 0.3% uptick. The MI inflation gauge is down from 0.3% to 0.2% while ANZ job advertisements rose another 1.5%.
Last week’s set of reports from the euro zone have been mixed but some have fallen short of estimates. For instance, headline and core flash CPI readings printed gains but were a notch short of the consensus. German retail sales and French consumer spending were also weaker than expected.
The Spanish unemployment change report and region’s Sentix investor confidence index are up for release today, and stronger than expected reports could revive the shared currency’s strength. Australia has retail sales, the RBA statement, GDP, and trade balance all due this week.
By Kate Curtis from Trader’s Way
AUDUSD Short-Term and Long-Term Channel (Dec 05, 2017)
AUDUSD is currently trading inside an ascending channel on its daily time frame and is testing support. Price is also moving inside a short-term descending channel and might need to break past the resistance before establishing bullish momentum.
The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. This suggests that the long-term rally is more likely to continue than to reverse. Stochastic is also pointing up to reflect the presence of buyers.
Gains could take the pair up to the resistance near the .8200 major psychological mark or at least until the mid-channel area of interest at .7950. However, if the short-term channel resistance holds, the pair could make another attempt at breaking below the larger channel’s floor at .7560.
Economic data from Australia has been mixed so far, with the current account balance showing a wider deficit of 9.1 billion AUD versus the estimated 8.8 billion AUD shortfall but still an improvement over the earlier 9.7 billion AUD deficit. Retail sales ticked higher at 0.5% versus the projected 0.3% uptick while the previous reading saw an upgrade.
The RBA statement is due next and no changes to the 1.50% interest rate is eyed. However, policymakers could talk about how inflation expectations drifted lower and how a higher AUD might keep price levels in check.
As for the US, political risks are currently pushing the dollar around, particularly with tax reform and the ongoing investigation into Trump’s ties with Russia in play. The House and Senate are expected to start discussions on merging their respective tax bill versions this week and more positive developments could buoy the Greenback higher.
By Kate Curtis from Trader’s Way
EURAUD Pullback to Broken Support (Dec 06, 2017)
EURAUD recently broke below its ascending channel bottom around 1.5600-1.5650 then hit a low of 1.5500 before pulling up. Applying the Fib tool on the latest swing high and low shows that the 50% level lines up with the broken channel support, which might hold as resistance.
The 100 SMA is crossing below the longer-term 200 SMA so the path of least resistance is to the downside. This suggests that the selloff could resume soon, probably taking price back down to the swing low or lower. Stochastic is also indicating overbought conditions and turning lower could draw more sellers to the mix.
The RBA sounded less dovish than usual in their latest statement, citing that non-mining investment is picking up and that CPI could edge higher. This marked a difference from their earlier jawboning remarks and assessment that inflation could remain low for some time.
However, Australia’s Q3 GDP missed estimates and came in at 0.6% versus the projected 0.7% growth figure. The previous period’s GDP enjoyed an upgrade from 0.8% to 0.9%, though. The trade balance is still due next and a smaller surplus is eyed.
As for the euro, a few misses in its latest set of medium-tier data weighed on the currency. Retail sales also turned out weaker than expected with a 1.1% slide versus the estimated 0.6% fall. Only German factory orders and the region’s retail PMI are due next.
By Kate Curtis from Trader’s Way
EURJPY Channel Support (Dec 07, 2017)
EURJPY is still trading inside its shallow descending channel visible on the 4-hour time frame and is making its way back down to support at 131.50. A bounce from this area could take it back up to the resistance around 134.00.
The 100 SMA is crossing above the longer-term 200 SMA to signal that the path of least resistance is to the upside, which suggests that support is more likely to hold than to break. Stochastic is already indicating oversold conditions, so sellers could use a break and let buyers take over.
Medium-tier reports from the euro zone have been upbeat in the latest session, with German factory orders rising by 0.5% instead of posting the projected 0.2% fall and the region’s retail PMI improving from 51.1 to 52.4.
The yen has been able to rake in gains as risk aversion extended its stay in the financial markets, mostly owing to geopolitical risk. There were no reports out of Japan yesterday and today has the leading indicators due.
As for the euro zone, German industrial production and French trade balance are lined up, just ahead of the revised GDP release. Stronger than expected data could keep the shared currency afloat but disappointing figures could lead to more losses.
By Kate Curtis from Trader’s Way
USDJPY Inverse Head and Shoulders (Dec 08, 2017)
USDJPY could be in for more gains from here as price broke past the neckline of its inverse head and shoulders formation. This is considered a classic reversal signal and spans 200 pips, so the uptrend could last by the same height.
However, the 100 SMA is below the longer-term 200 SMA on the 4-hour time frame so the path of least resistance might still be to the downside. Stochastic is also dipping into overbought territory to signal a potential slowdown in the rally.
The US dollar remained supported by positive NFP expectations, even as another report signaled a potential disappointment. Challenger job cuts rose 35K in November, up 30.1% on a year-over-year basis and 17% from the previous month. Still, initial jobless claims indicated good momentum as claimants dropped to 236K versus 239K. Consumer credit also advanced, signaling financial optimism.
The NFP is expected to show a 198K gain in hiring for November, down from the previous 261K increase. Average hourly earnings could recover by 0.3% after staying flat in the previous month, with positive wage growth likely funneling to upside inflationary pressure later on.
As for the yen, the final GDP reading enjoyed an upgrade from 0.3% to 0.6% versus the 0.4% consensus. The current account balance also beat expectations but average cash earnings disappointed with a 0.6% uptick versus the projected 0.8% rise.
By Kate Curtis from Trader’s Way
USDCAD Range Resistance (December 11, 2017)
USDCAD is still trading sideways, finding resistance at 1.2900 and bouncing off support at 1.2675 on the latest test. Price is now nearing the top of the range once more and technical indicators are signaling the resistance might hold.
The 100 SMA is below the longer-term 200 SMA, so the path of least resistance is to the downside. This means that the ceiling is more likely to hold than to break. Stochastic is also indicating overbought conditions and is starting to turn lower, reflecting a return in bearish pressure.
However, if an upside breakout occurs, price could head up by around 225 pips or the same height as the range. Similarly, a downside break could lead to a selloff of the same height.
There are plenty of top-tier catalysts lined up from the US economy this week, but the main event is likely the FOMC decision. Although a December hike is priced in, traders are more eager to find out how the pace of tightening might go in 2018. The Fed is slated to release its updated economic projections and this would give clues next year’s rate hikes.
The US is also set to release its latest batch of inflation and consumer spending figures. Note that policymakers signaled a weaker inflation outlook a couple of weeks back, and this might be reflected in the PPI and CPI reports.
There’s not much in the way of top-tier data from Canada but the Loonie is on weak footing owing to the less hawkish statement from the BOC last week. Oil prices could also influence the positively correlated currency from here.
By Kate Curtis from Trader’s Way
GBPJPY Rising Wedge (Dec 12, 2017)
GBPJPY has formed higher highs and higher lows, creating a rising wedge pattern visible on its daily time frame. Price is approaching the peak of the chart pattern, so a breakout could take place sooner or later.
The 100 SMA is above the longer-term 200 SMA on this chart, so the path of least resistance could be to the upside. The short-term moving average is around the bottom of the wedge, adding to its strength as support.
However, stochastic is turning lower from the overbought area to signal a pickup in selling pressure. A breakout in either direction could lead to a move of around 2,500 pips or the same height as the chart pattern.
There are plenty of economic events in the UK this week, including today’s CPI release. Headline inflation is slated to hold steady at 3.0% while core CPI could also stay unchanged at 2.7%. Jobs data due on Wednesday could show a smaller increase of 0.4K in claimants and a pickup in the average earnings index, which would also be a positive sign for inflation.
Later on, the BOE will announce its monetary policy decision. No actual changes to interest rates or asset purchases are expected, so traders will pay closer attention to the minutes of the meeting and how policymakers would vote.
As for the yen, the Japanese currency has been mostly reacting to market sentiment and bond yields these days. Rising US bond yields on the heels of a potentially upbeat FOMC statement and tax reform progress are keeping a lid on yen gains.
By Kate Curtis from Trader’s Way
