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Yen spikes following "disappointing" Yield curve targeting while Japanese Banks rip

gm-  Near-term trading range continues in US with bearish bias post FOMC-    This am- Futures moderately higher today in US, Europe up by 1% while Asia also mildly higher, though with NKY leading, up nearly 2% after BOJ's Curve control, effectively tweaking QE instead of outright further stimulus-  If immediate roundtrip in USDJPY is any gauge, this am's move was looked at as being disappointing, and Yen fell, then immediately rose again starting around 1 am EST, and shed nearly 2 full points in USDJPY, and now close to breaking below 101-  Stocks thus far in Europe and US have largely held onto early gains ahead of FOMC, but if the last 2 days are any gauge, S&P fell meaningfully from highs on each of the last couple days. -  For now, will be difficult to make much of a stand on market until Equities, along with Treasuries, and US Dollar index break out of their respective ranges-  For now, both S&P and 10yr have been largely UNCHANGED for the last 7-9 days.   S&P Still has meaningful upside resistance at 2145-7 which has held over last week while 2120-2, 2107 important on downside for US Dec Futures-   US Dollar's trading range has been ongoing for nearly a year and breakouts of this pattern should be "FOLLOWED" and will have huge implications for commodities. If today's move in USD vs Yen is any guide, the initial move today is a negative in US Dollar vs Yen,and should allow for USDJPY to move down towards 100-  This am's Morning Technical Comment addresses recent movement in the Banks, Apartment REITS and Crude among others, along with an updated list of some longs and shorts-  Early movers include Positive gains in CLVS, DBIO, EXEL, CONN, ADBE, ESV, ARIA, VALE, BCS, SRPT while on downside- MSTX, CDNA, AERI, AIRG, SKX, KMX-  Let me know if I can answer questions

USDJPY had dramatic roundtrip overnight given BOJ yield targeting, with Steepening set to help Banks which rebounded strongly in Japan

Japan's TOPIX Banks index made a VERY sharp advance today with yield curve targeting and looks apt to breakout in the weeks ahead.  This will need to be watched very carefully along with NKY in getting back above 17400 which would be a significant technical development