• Off 0.25% with the USD softer in Asia - Japan and China on holiday

• Positions are being adjusted ahead of the Federal Reserve rate decision

• FEDWATCH prices a 25pt hike at 86.9% - FOMC statement, press conference key

• Yen is driven by risk appetite, and yield spreads - likely volatile offshore

• Charts, daily momentum studies climb, as 21-day Bollinger bands rise

• Tenkan and Kijun lines edge higher - 5, 10 & 21-day moving averages climb

• Setup remains positive - targets a break of the 137.90 2023 high

• Monday's 136.20 low under pressure, break to target 134.09 21-DMA

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