What levels are in play for the some of the pairs
The FOMC is expected to keep rates unchanged. So the focus will be on the statement and the relative hawkish or dovish tone. We know the Fed is expecting 3 tightenings in 2017. So in a way, they are likely to keep that tone alive. After all, it was at the last meeting that they hiked. Employment remains near full employment. The new President has help confidence and things like the stock market. Expectations are for less regulation and more job creation.
How the market reacts is hard to predict, but there are levels that will help a bullish or bearish bias for the USD. Keep in mind we could also whip around. If the Fed is not too hot or too cold, we could see moves up and down (or visa versa).
EURUSD
For the EURUSD, the price has moved below an area that has defined a series of swing highs/lows going back to last week's trading (see yellow area on the hourly chart above).
That area comes in at 1.0764-74. A move back above that will be more bullish and should solicit another test of the 100 day MA at the 1.08037 level. Above that is the 50% of the move down from the November election day high at the 1.0819. Those are each key technical levels should the Fed is more dovish. Getting above them (and staying above - remember we coujld see whippy action) should solicit more buying (a more bullish trend)
On the downside, a move below the 100 and 200 hour MAs and 50% retracement at the 1.07259, 1.07206 and 1.07156 respectively are more bearish and should solicit more selling.
Staying within the range is more neutral. We could expect to see up and down between the inside extremes.
USDJPY
For the USDJPY, on the topside, a move above and staying above 113.50 is more bullish but the 200 hour MA at 113.829, the 100 hour MA at 114.033 and the 100 bar MA on the 4-hour are additional MA hurdles that could give traders cause for pause. The high today stalled between the 200 and 100 hour MAs today.
ON the downside, a move below the 113.32 followed by a break of the 113.00 area would be more bearish.