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USD/JPY rangebound ahead of FOMC decision

FXStreet (Córdoba) - USD/JPY trades little changed in a narrow range just above 108.00 as investors remain sidelined ahead of the 2-day FOMC meeting conclusion.

Most majors entered a phase of consolidation as investors await the Fed verdict later on the day. The Federal Reserve is broadly expected to end its QE program but it is unlikely to mention a specific timeline for any eventual rate hikes.

USD/JPY has spent the last sessions consolidating within 107.93 and 108.19, unable to set a short-term direction. At time of writing, USD/JPY is trading at 108.05, a few pips below its opening price.

USD/JPY levels to watch

In terms of technical levels, USD/JPY could find immediate resistances at 108.19 (Oct 29 high), 108.33 (Oct 27 high) and 108.73 (Oct 8 high). On the flip side, supports are seen at 107.93 (Oct 29 low), 107.58/64 (Oct 27 low/20-day SMA) and 107.38 (Oct 20 high).

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