FxWirePro: USD/JPY holds 21-EMA support, focus on FOMC meeting for further direction

USD/JPY chart - Trading View 

• USD/JPY is trading 0.18% higher on the day at 111.59 at 0745 GMT.
   
• The major has retraced above 200-DMA, lack further upside traction.
   
• Price action has failed to break below 21-EMA which is strong support at 111.22.
   
• Technical indicators lack directional strength around their midlines and focus now on FOMC meeting for further direction.
   
• The FOMC decision due later today at 1800 GMT and the Fed is widely expected to keep interest rate unchanged and reiterate patience for the next move. 
   
• Key focus will be on the accompanying monetary policy statement and updated economic projections. 
   
• Break below 21-EMA will see weakness till 55-EMA at 110.92. Further weakness only on break below.
   
• On the flipside, decisive breakout at 200-DMA will see upside resumption. Test of 76.4% Fib at 112.21 then likely.

Support levels - 111.45 (200-DMA), 111.21 (21-EMA), 110.92 (55-EMA)

Resistance levels - 111.90 (Mar 15 high), 112, 112.21 (76.4% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.