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USD/JPY stuck in narrow range ahead of FOMC

Wednesday, March 18, 2015 9:47 AM UTC

Pair has been trading in 121.23-121.41 range, contained by FOMC
Bids by Japanese importer at 121.00; closest offers seen at 121.50
More bids deeper into the 120.00s; stops seen above 122.04
121.00 has the largest number of expiries to month end (6 yards)
Short dated yen RRs indicates a mild downside risk

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USD/JPY stuck in narrow range ahead of FOMC

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