With just over an hour until the announcement It’s time to have a look at some levels that may contain any moves. We know that it’s going to be choppy in the first few minutes as the market pours over every word and then we’ll have bonus chop over Yellen’s press conference.

USD/JPY

Where do you park the bus on this baby?

  • Up above we’re still in open sky and the nearest level is the weekly high 14 Sep 2008 at 108.00. That’s too close for my liking so the bigger resistance point will be at the May/Jun 2008 month high at 108.80 then the late Aug/early Sep weekly highs around 109-109.20. This also coincides with the 2002 resistance line. After that we’ve another big gap to 110.38
  • Down below is where I feel the value is. We’ve seen support coming in at 107-106.80 and 106.60 but stronger will be seen at 106.00/05. It’s going to take something monumental to get us down there I feel, but you never know. Further down is the old 2014 range top at 105.30/40 and another strong area at 104.70/85.

It’s going to be tough to buy it up here so the best scenario to look for will be a decent 50-100 pips fall, if it comes on general disappoint rather that an explicit comment.

EUR/USD

Another tough one as we’re still stuck in a tight range but a big dollar move may again give an opportunity if it is out of whack with the trend.

  • Above – Expect rallies to be sold into or faded after the dust has settled. Abreak of 1.30 will likely see a quick push to 1.31 which is the closest decent area of support. 1.3150/60 is another level before 1.3200 and 1.3210/15. I’ll be mighty surprised if we see 1.31 go, again on a normal reaction rather than specific headlines.
  • Below – We still have my prefered entry point for longs for a longer term trade at 1.2800, the 61.8 fib of the 2012/2014 lo/hi at 1.2787 and Mar/Apr/Jul 2013 the triple bottom at 1.2750. There’s a last line in the sand at 1.2650, being the Nov 2011 low before the trap door opens to god knows where.

GBP/USD

The pound will be in the mixer but remember to keep the Scottish vote in mind. If you want to buy it on a no vote then look for some dollar strength to give you a better entry point.

  • The first band of resistance above here is at 1.6460 and then the 38.2 fib of the 1.7190 fall at 1.6486. Then it’s a jump to a former support point at 1.6536
  • Below – the Aug 2009 resistance line has acted as support once again and is currently at 1.6170. There’s moderate support at 1.6160, 1.6100/05, then the Sep low at 1.6050/55

AUD/USD

  • 0.9100/10 has capped any bounce from down here so far and next is the 38.2 fib from the early Sep fall at 0.9145. I’m not overly keen on the level as it’s too short term but it matches the S&R level at 0.9150 so may have some sway. Juicier is the level at 0.9160/70 being the old Mar 2011 support line, then the 200 dma at 0.9311 alongside the Oct 2013 resistance line.
  • Below looks a bit scary as break of the 61.8 fib of the Jan/Jul lo/hi at 0.8980 opens the door to the support at the lucky Asian number of 0.8888. 0.8830 offers support ahead of former support at 0.8770 then it’s the Jan low at 0.8657

The aussie is going to be one of the pairs that potentially gets hit hardest over the FOMC so If you’re long then it might be wise to make sure you have your stops in place. If you’re short you may be on the better side of the trade as a weak dollar move will likely be faded.