- Pair's Asian range 121.27-57
- Thursday's high 121.67, Tues' new 8year high 122.04 resistance
- Larger offers sit above 122.00, some exporter related
- Bids 121.00-120.70 level
- 120.70 is 10dma and Tenkan-sen
- Thursday's low 120.66 posted after meagre US data
- 15 year Nikkei high proving supportive today. 1.5bln 121 and 1bln 122 expiries
- Implied volumes lower and 1month risk reversal neutral
- Pair's range could remain till FOMC






