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

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