FXStreet (Edinburgh) - USD/JPY could not sustain the earlier breakout of the 122.00 handle, prompting the current correction to the 121.80 /75 band. USD/JPY firmer, cautious ahead of FOMC The pair keeps its buoyant tone during the first half of the week, extending the bounce off Monday’s troughs around 120.30 to today’s weekly tops in the 122.10/15 area. Key session for the pair ahead, as the Federal Reserve is expected to hike rates by 50 bp at its meeting later in the day. Banning a no-hike surprise, the greenback could surely see its upside momentum accelerated and thus extending its upside towards the interim target around 123.70, November peaks. USD/JPY levels to consider As of writing the pair is advancing 0.07% at 121.78 facing the next handle at 123.20 (76.4% Fibo of 125.28-116.46) ahead of 123.67 (high Dec.3) and then 125.28 (high Aug.12). On the other hand, a breach of 120.32 (low Dec.14) would open the door to 119.84 (38.2% Fibo of 125.28-116.46) and finally 119.81 (4-month uptrend). For more information, read our latest forex news.