Market reaction and levels to watch through the FOMC

If the FOMC changes the "extended" time period or by chance continues to raise the Discount Rate toward a more normal spread to Fed Funds, the USDJPY would likely soar.  The high from last Friday was at 91.07. This would be the first stop.  The next target would be 91.37 which was the high on February 17th and above that the 200 day moving average at 91.80.  All could be in target. On the downside, the support comes in at 90.11. The low for the day came in at 89.98.  The low from last week came in at 89.62.

EURUSD

The EURUSD has support below at the the 100 hour MA currently at the 1.3695. Support will also come in at 1.3691.  A move below that level will target the 1.3559 level and the 200 hour moving average at the 1.3654 level.  On the topside, the 1.3777 level followed by the Friday high at 1.3796 become targets. A move above will look to target the 1.3852-73 area. 

GBPUSD

The GBPUSD has had highs at 1.5216, 1.5206 and 1.5206 for the last three days.  A move above these levels paves the way for further upside momentum.  A move above will next target the 1.5298 level where the 50% of the move down from the high on Feb 17th to the low comes in.  On the downside, the 100 and 200 hour MA at the 1.5069 level is found.  Before that watch 1.5092 which is the midpoint of the days trading range.