USDJPY FOMC risk
The US dollar is still trading sideways against the Japanese yen currency, ahead of a key interest rate decision from the FOMC later today. A dovish interest rate cut from the US central bank could send the USDJPY pair back towards the 107.90 support level. If the FOMC decided to keep rates on hold and sound more hawkish towards the economy, a rally towards the 110.00 level is possible.
The USDJPY pair is only bullish while trading above the 108.60 level, key resistance is found at the 109.30 and 110.00 levels.
The USDJPY pair is only bearish while trading below the 108.60 level, key technical support is found at the 108.25 and 107.90 levels.