 Yen rises broadly today as markets are awaiting Fed policy decision. The strength in Yen since last week seems to be related to inflation expectations. It first followed comments from an ECB official that the pandemic impact impact would eventually be demand dominate, and thus deflationary. Such view could be reflected in today's Fed projections too. Thus, Yen somewhat decouples from risk sentiments for now and follows treasury yields lower. We'll look at Yen's reactions to FOMC later today and reassess. Staying in the currency markets, Sterling is actually the even stronger one, while Yen was only the second. Pull back in EUR/GBP is a factor helping the Pound. Dollar and Euro are the weakest. Technically, USD/JPY's break of 105.10 should now bring a test on 104.18 low. Break will resume whole fall from 111.71. EUR/JPY also breaches 124.44 support which suggests that it's finally correcting the whole rise from 114.42. CAD/JPY also breaks 79.81 support firmly and should be targeting 77.61 low. GBP/JPY is stubbornly holding on to 135.53 fibonacci support though. In Europe, currently, FTSE is down -0.35%. DAX is up 0.07%. CAC is down -0.23%. German 10-year yield is down -0.018 at -0.495. Earlier in Asia, Nikkei rose 0.09%. Hong Kong HSI dropped -0.03%. China Shanghai SSE dropped -0.36%. Singapore Strait Times rose 0.78%. Japan 10-year JGB yield rose 0.0015 to 0.020. | 
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