USD/JPY is currently consolidated to start the week off while we approach Central Banks again, likely to set the scene for the forthcoming weeks for USD/JPY. Another Fed rate hike is almost fully priced by the Nov FOMC meeting, according to analysts at Westpac, but that is not to stop the volatility around the meeting and outcome of the event this week. " We expect that statement will note that a further increase in market volatility could lead to downside risks to the outlook. While the SEP will generally be upbeat for 2016, the dot plot is expected to show a median expectation for only three hikes in 2016, but a critical mass may shift to only two. The overall tone, though nuanced, is expected to be interpreted as modestly dovish," explained analysts at TD Securities. USD/JPY levels We remain in familiar ranges, but the upside is losing its conviction within the 114.00 zone. The markets is above the pivot of 113.50 and technically, Valeria Bednarik, chief analyst at FXStreet explained, "The daily chart shows that the pair continued hovering around the 113.50 region, presenting now a limited upward potential as the Momentum indicator heads north above its 100 level, but with the price developing well below its moving averages, and the 38.2% retracement of its latest decline at 115.05, a breakout point." For more information, read our latest forex news.