What levels are important through FOMC
The USDJPY has pushed higher off of trend line support and the 100 hour MA holding support earlier in the day (see chart below). The move higher took the price above trend line resistance on the same chart at the 118.47 level. That is around where the price trades now. Technically, the break is bullish and the holding of the lower trend line and 100 hour MA is also bullish. Is the market racing away. No. Does the market have a huge reason to go higher beside technicals? If the focus is Japan, perhaps. If the focus is the US stocks getting hit again and the FOMC statement, maybe not. The moves might just be from the "flows".