FX Action: USD-JPY has been oscillating in the mid-to-high 120s FX Action: USD-JPY has been oscillating in the mid-to-high 120s following the recovery from Wednesday's post-FOMC dive to 119.29. A resistance zone is marked at 120.75-1.2110 (which encompasses former daily lows seen over the last 10 days). Support is at 120.34, which is the current position of the 20-day moving average, which has proven to be a pretty accurate support level over the last month (the post-FOMC breach was quickly reversed). Analysts think the bias will remain higher in the bigger picture, as the Fed and BoJ policy paths will remain contrasting ones into 2016. Analysts expect last week's a seven-and-a-half year peak at 122.03 to fall on route to the mid-125s.