Not exactly a FOMC minutes play but more of a play on the correction of the Nikkei being nearly over and the delayed reaction of the recent rally in the US Treasury Yields coming into play on the USD/JPY as risk aversion from the recent stock market weakness subsides.
The recent USD/JPY correlations shows the Nikkei is the Prime mover so tomorrow :-
1) If the FOMC helps US stocks lift then the NIkkei should get boost and USD/JPY up.
2) If the FOMC Talks up Tapering the first move on the USD/JPY will be up before Nikkei losses and risk aversion from probable US Stock losses leads to anorther USD/JPY reversal.
It may be sharp so we may have to close shortly after the FOMC.
The recent USD/JPY correlations shows the Nikkei is the Prime mover so tomorrow :-
1) If the FOMC helps US stocks lift then the NIkkei should get boost and USD/JPY up.
2) If the FOMC Talks up Tapering the first move on the USD/JPY will be up before Nikkei losses and risk aversion from probable US Stock losses leads to anorther USD/JPY reversal.
It may be sharp so we may have to close shortly after the FOMC.