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The US dollar has already rebounded suggesting the moves we saw yesterday were a bit exaggerated. Focus now shifts to a raft of fedspeak in coming weeks as investors look to decipher the outcome of the meeting. Treasuries and equities gave back some of their gains while the US dollar recovered significantly. As a result, traders are finding it hard to bet against the greenback when data has clearly been showing strong signs of improvement. This has seen traders reinitiate some positions in key currency pairs after having been taken out by yesterday’s knee-jerk reaction. USD/JPY had dropped below ¥120.00 but has managed to bounce back quite strongly. The drop in the pair yesterday had impacted the Nikkei’s performance and there is a good chance we’ll see a reversal in Japan today. There has been plenty of talk around wage negotiations in Japan and following some strong performances for corporates in Japan with big cash balances, many analysts feel we’ll see a decent increase. This would eventually help bolster inflation and other economic indicators like confidence. Today we have the BoJ minutes which always deserve some attention and could impact how the yen trades. BoJ Governor Kuroda will then speak in Tokyo later in the session. With that in mind I feel there could be room to buy the Nikkei as a momentum play on a break of recent highs. Traders could look to buy the Nikkei at around 19,655 with stops placed below 19,000.