Long USD/JPY ahead of FOMC minutes

Not exactly a FOMC minutes play but more of a play on the correction of the Nikkei being nearly over and the delayed reaction of the recent rally in the US Treasury Yields coming into play on the USD/JPY as risk aversion from the recent stock market weakness subsides.

The recent USD/JPY correlations shows the Nikkei is the Prime mover so tomorrow :-

1) If the FOMC helps US stocks lift then the NIkkei should get boost and USD/JPY up.

2) If the FOMC Talks up Tapering the first move on the USD/JPY will be up before Nikkei losses and risk aversion from probable US Stock losses leads to anorther USD/JPY reversal.

It may be sharp so we may have to close shortly after the FOMC.

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