USD/JPY up 50 pips

The story so far in trading this week is yen weakness. It's sagging across the board as the Japanese fiscal year winds down.

There was talk about buying in the pair for fiscal year end but it's been the opposite as the pair gains for the seventh straight day following the FOMC drop.

The high on Fed day was 113.82 and the pair has risen to 113.59 today as the flush lower erodes. Look for good selling interest at that level but beware of thin conditions continuing with Europe and the UK on holiday.

Beyond that is the March 15 high of 114.14 and the March high of 114.45.