$/Yen is flirting with a break out of the medium-term pennant I drew a while back. The Euro has also coiled into a pretty tight range against the USD. I have no intention of doing anything before the Fed and will probably wait until tomorrow morning to avoid head fakes. My guess is that tomorrow morning you will want to go with whatever move has started.
This ties in pretty well with what yesterday's thoughts that the bond market may get a bit of an awakening. Whether that is the case or not, the kind of move I expect should last several weeks so trying to anticipate it makes little sense.
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