What can provide momentum on USD/JPY?
On USD/JPY, the sense is that fresh news is required to trigger a move, as both Fed and BOJ are expected to hike by 25bps in December. Most feel it will be U.S. or Japan data, with the question of key levels on USD/JPY downside also important. However, we would also point to potential jawboning from U.S. Treasury secretary Bessant who is concerned that higher JGB yields are hurting Treasuries. If he jawbones USD/JPY before the mid-terms it could help him with his demanding boss Trump. However, this is a risk more for the last week of October rather than next week.