The USD/JPY pair had a volatile session on Monday as the FOMC meeting minutes were released. This is typical during an interest-rate decision, but quite frankly the market ended up doing nothing. In other words, we don’t think that anything changed and therefore we have to look at this as a market that is ready to continue going sideways. Although we think that longer-term this market will eventually break out to the upside and head towards the 125 level, the reality is that the market simply is not ready to go higher at this point. With that, we are on the sidelines.
