Asian Session Range Analysis: USD/JPY and AUD/USD Tonight

Tonight's Asian session has produced a tight 40-pip range on USD/JPY between 154.20–154.60. This is unusually quiet even by Asian standards and suggests big players are holding positions ahead of tomorrow's US data. AUD/USD has been edging higher within its own narrow range (0.6530–0.6550) as China's overnight PMI data came in slightly above expectations — a mild positive for the Aussie. Key observations: • USD/JPY range top 154.60 is near the BoJ intervention warning zone • AUD/USD at the top of a 3-day consolidation; a break above 0.6560 would be meaningful • NZD/USD lagging AUD — potential for convergence trade if risk appetite improves For London traders inheriting this setup: the tighter the Asian range, the bigger the London breakout potential. Mark your levels now. What's your read on USD/JPY heading into tomorrow?