• FOMC minutes overnight which proved to be less hawkish than expected after Dudley's comments failed to lift the dollar.
   
• Some policymakers expect that a rate increase will be needed soon, although there is general agreement that more data is needed before such a move.
   
• USD/JPY hit highs of 101.16 after Dudley's hawkish comments, but pared most of the gains and closed largely unchanged at 100.26.
   
• The major is extending downside in the Asian session today, slipped to lows of 99.64 before recovering some losses to currently trade at 99.96 levels.
   
• We see strong trendline support at 99.45 levels, break below could see test of 99 and then 98.78 (June 24 low).
   
• 10-DMA at 101.23 is stiff resistance on the upside, only break above could show signs of reversal.
   
• Fear of BoJ intervention looms as yen trades stronger, we expect range trade in the pair for the week ahead.
   
• Financial Services Agency (FSA), Ministry of Finance (MoF) & Bank of Japan (BOJ) ‘Japanese Troika’ is scheduled to meet today, odds of another disappointment are high.