• USD/JPY has slipped from 158.03 to 157.65, on Wednesday, EBS data shows

• Market on tenterhooks ahead of the Fed decision rate decision, a hawkish hold is eyed

• Daily cloud, that currently spans the 156.23-158.44 region, should continue to underpin USD/JPY

• If there is a eventual break above the cloud top, that would be quite bullish development

• USD/JPY and EUR/JPY tend to move in tandem, 30 and 60-day log correlations are high above +0.5

Daily Chart


Correlation Chart

(Martin Miller is a Reuters market analyst. The views expressed are his own)