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USD/JPY - Key Levels After the FOMC Meeting

The Federal Open Market Committee (FOMC) voted to hold rates but kept a December hike on the table. This is pretty much in line with market expectations, and there was no major moves in the USD. However, we can say that it caused the USD/JPY to lose steam as it approached a key resistance in the 114.20-114.40 area. 

USD/JPY 1H Chart

(click to enlarge)

Key Short-term Support:
- Although price was unable to extend the prevailing upswing and break the key resistance area, it also held above a key support at 113.70-113.75. 
- Meanwhile, the RSI is still holding above 40, which reflects maintenance of the previous session's bullish momentum.
- If price holds above 113.70 and the 1H RSI holds above 40, there is still pressure towards 114.40.
- A break below opens up the 113.25 pivot in the very short-term.