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Yen Trades In Narrowing Range Amid Golden Week Holiday

JPY

USD/JPY wobbled on Tuesday, sticking to an ever narrower range, finishing within touching distance from neutral levels. Japanese markets were shut for Golden Week holidays and won't reopen until Friday.

  • The rate's overnight implied volatility crept higher ahead of today's monetary policy decision from the Fed.
  • Worth noting that Japan's Defence Minister Nobuo Kishi will meet with his U.S. counterpart today.
  • Focus moves to Tokyo CPI report, due for release on Friday.
  • USD/JPY trades flat at Y130.13 at typing. The key near-term resistance is located at Y131.25, which limited gains on Apr 28. Bears set their sights on Y128.34, which marks that day's low.

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