Today investors' attention will be focused on the reports coming out of the U.S. which include the Crude Oil Inventories, the FOMC Economic Projections, the FOMC Statement, the Federal Funds Rate, and the FOMC Press Conference. USD/JPY traders will be closely watching whether the Fed will be providing any information regarding the direction of monetary olicy prior for the rest of the year. On the other hand, there isn't anything major from Japan that may impact the Dollar/Yen during today's session.
USDJPY remained unchanged inching closer to July's high of 113.17 during Tuesday's session. During today's hours, the pair may slightly slip towards the 112.81 area prior to the FOMC conference but may later find its way towards the direction of the 112.99 resistance level as the bias seems to be in favor of the Dollar.
Support: 112.81 112.53
Resistance: 112.99 113.10