From 1D chart, it is clear that USDJPY trend is downward. For Jul FOMC meeting, the expectation for interest rate will stay unchanged. The important point is still the possibility of future interest rate hike.
If the statement is hawkish, USDJPY might start to break the downward trend and rally upwards, provided that it confidently breaks the resistance line at 107.486. Together with recent loose monetary policy from BOJ, the USDJPY rally is possible (30% chance)
While if the statement is dovish and worrying about the global economy and impact of brexit, USDJPY will weaken and drops towards ~103.358 and oscillate for a while (70% chance).
Let’s wait and see the results!
Don’t rush, and be prepared with plans.