• USD/JPY rebounds in NY trade, tracking move higher in oil with Brent back above $100/bbl

• Broader tone remains one of limited conviction with reluctance to chase in either direction

• Dips still finding support given the USD setup remains constructive amid a more hawkish Fed backdrop

• However, after Friday's rate-check, USD/JPY topside is still truncated, limiting scope for sustained upside

• In turn, the pair looks set to remain in a holding pattern in the short-run
USDJPY hourly chart

Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))