It's the FOMC day and, while they are not expected to hike at today's meeting, they might imply they will do that in September by providing positive comments on the outlook of jobs and inflation. Otherwise, the statement might be perceived as dovish and may move rate hike expectations towards December.

Yen put in a short term bottom at 123.00, few pips below Weekly Support 2 (123.05). Today's fall was contained by 50 DMA (123.36) and the pair is back above Previous Week Low (123.57). Yesterday's high (123.79) is now the next resistance before 123.95 - 124.20 (July 23th/24th highs, Weekly Pivot Point, 00's, Daily Resistance 2). But with the FOMC later on, sideways market may be the most likely scenario.

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