Chart - Courtesy Trading View
USD/JPY was trading 0.06% higher on the day at 113.78 at around 10:30 GMT.
The major is extending marginal gains ahead of the key FOMC policy meet, is on an uptrend for the 3rd consecutive session.
Markets cautious ahead of the FOMC/BoJ policy meetings. The Fed will announce its decision later today, while the BoJ is scheduled on Friday.
Hawkish Fed expectations and an uptick in the US Treasury bond yields are likely to keep the US dollar supported.
That said, worries about the potential economic fallout from the spread of the Omicron variant keep a lid on any optimistic moves.
Bank of Japan Governor Haruhiko Kuroda remains optimistic on the inflation outlook. Says consumer inflation may approach his 2% target.
Kuroda said that the central bank would maintain its ultra-loose monetary policy to ensure any rise in prices would be accompanied by higher wages and a recovery in the economy.
The Bank of Japan (BOJ) injects cash into markets for the third day in a row. The Japanese central bank offered JPY2 trillion (circa $17.6bn) via bond buys.
Support levels - 113.56 (5-DMA), 113.17 (55-EMA)
Resistance levels - 113.80 (20-DMA), 114.02 (Tenkan Sen)
Summary: USD/JPY remains sidelined as investors remain in a wait-and-see mode ahead of the critical Fed and BoJ decisions. Price action is extending sideways grind above daily cloud support. Break below to see more weakness.


FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook
FxWirePro- Major Crypto levels and bias summary
FxWirePro: USD/JPY firms as Japanese Yen weakens after BoJ rate hike
EURJPY Surges Post-BOJ Hike: Bullish Momentum Builds – Buy Dips Targeting 185
FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook
FxWirePro- Major Pair levels and bias summary
FxWirePro: AUD/USD bulls struggle to hold on US CPI induced gains
BTCUSD Dips Post-BOJ Hike: No Swift Tightening Boosts Risk – Buy Around $87K Targeting $100K
NZDJPY Whipsaws After BoJ Hike: Buy-the-Dip Setup Above 89 With Eyes on 92
FxWirePro: EUR/NZD uptrend loses steam but outlook still bullish
USDCHF Triple Bottom at 0.7920 Under Threat: Bearish Signals Dominate – Sell Rallies Targeting 0.7865
FxWirePro: USD/ZAR edges higher but bearish outlook persists
Aussie-Yen Holds Firm Post-BOJ Rate Boost: Intraday Bullish Momentum Intact
FxWirePro: USD/CNY neutral in the near-term, scope for downward resumption
FxWirePro: EUR/NZD uptrend loses steam, remains on bullish path
FxWirePro- Major European Indices 



