FXStreet (Mumbai) - The USD/JPY pair has spent a major part of the last 24 hours trading in the narrow range of 120.15 to 120.55 levels as markets await the FOMC statement, which will be followed by the more important BOJ statement on Friday. US data ignored A horrible, but better than previous US goods trade deficit released today failed to have any impact on the USD/JPY pair. Moreover, the Yen is stuck between the speculation of more BOJ easing and anti-QE talk adopted by the BOJ officials ahead of the Friday’s event. Meanwhile, a string of weaker-than-expected US data failed to weaken the US dollar. The immediate focus is now on the FOMC policy statement due later today. USD/JPY Technical Levels The upside breakout from the 40-pip range of 120.15-120.55 would open doors for hourly 100-MA at 120.76. Meanwhile, a downside break could lead to a drop to 119.81 (38.2% of 125.856-116.082). For more information, read our latest forex news.