USDJPY suffered a sharp selloff after the BOJ and FOMC policy decisions.

Price is now moving close to the bottom of its descending triangle pattern visible on the 4-hour time frame. Another bounce off the 100.00 major psychological mark could lead to a climb back to the triangle resistance at 102.00. 

On the other hand, a break lower could spur a 700-pip drop, which is roughly the same height as the chart formation. Similarly, a break past the resistance could lead to a 700-pip rally. The 100 SMA is above the 200 SMA for now so the path of least resistance is to the upside and the support might still hold. In addition, stochastic is already in the oversold area so sellers are feeling exhausted. Buyers could take over around the 100.00 level, triggering a bounce. 

The FOMC decided to keep interest rates on hold at