The USD/JPY may trade in a 77.90-78.70 range with no strong direction as the market focuses on this week's FOMC meeting and a ruling by Germany's Constitutional Court on the legality of the eurozone's permanent financial rescue fund, says Daisaku Ueno, senior foreign exchange and fixed income strategist at Mitsubishi UFJ Morgan Stanley. "I can't see the market making any drastic moves before these big events," he says, adding the pair will likely remain stuck in its current narrow range for the time being. He tips the EUR/USD in a 1.2670-1.2850 range, and said the pair could breach 1.2800 again if the German court ruling shows the ESM is compliant with the constitution. He tips the EUR/JPY in a 99.60-100.40 range. The USD/JPY is at 78.24, the EUR/USD is at 1.2761 and the EUR/JPY is at 99.87.
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