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FxWirePro: USD/JPY rangebound in Asian session, markets cautious as Fed decision looms

Wednesday, October 28, 2015 4:44 AM UTC

Nervousness creeps into markets ahead of the much awaited Fed policy announcement due later today:

Growing expectations of BOJ unveiling additional stimulus at Friday's meet, especially after weak retail sales data keeping Yen under pressure
USD/JPY is currently trading at 120.36, with day's high at 120.54 and low at 120.24
Daily cloud base at 120.23 is seen at strong support, breaks below could take the pair to next support at 119.77 (daily Kijun)
Resistance on the upside is located at 120.67 (cloud base) ahead of 120.77 (Oct 22 high) and then at 120.98 (Sept 17 high)
Downside remains cushioned as the yen remains weighed down by the dismal retail sales figures, some support to the bulls
If price breaks above resistance at 120.67, gains upto channel resistance at 121.55 likely and 122 cloud be the next stop for bulls

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FxWirePro: USD/JPY rangebound in Asian session, markets cautious as Fed decision looms

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