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USD/JPY hovers around 108.00

FXStreet (Córdoba) - USD/JPY remains directionless, trading erratically near the top of its recent range as investors gear up for the Federal Open Market Committee decision on monetary policy.

USD/JPY pulled back throughout the European session but found support at the 107.90 zone and bounced afterward, but moves are lacking real strength. The pair is facing mild pressure at the beginning of the New York session, having dropped a few pips to currently trade around 108.05, virtually unchanged on the day.

Sideways consolidation will likely persist until 18:00 GMT when the Federal Reserve will announce its verdict. The Fed is expected to announce its commitment to end QE today.

USD/JPY levels to watch

In terms of technical levels, resistances are seen at 108.19 (Oct 29 high), 108.33 (Oct 27 high) and 108.73 (Oct 8 high). On the other hand, supports could be found 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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