Some clear levels that could contain FOMC moves

In all likelihood, this will be like 80% of Fed decisions and the changes will be minor with volatility contained. There really isn't much latitude for the Fed to move the market unless they want to pre-commit to a September hike.

1) EUR/USD 1.0906

The first level to watch in the euro will be yesterday's low of 1.0951 but I assume that will easily give way on a hawkish Fed. The 1.0906 level is the post-Brexit low and also the worst level since March. A break clears the way for a much deeper fall.

2) AUD/USD 0.7285

That level is more than 150 pips away so it would take work to get there but given the fractionally soft Australian CPI numbers and what might be seen as something that encourages speculation of a Fed hike; it's do-able. But it's also a level where I would take some off the table.

3) Cable

Cable is set up in a breakout trade after some consolidation post-BOJ. The trade is always to go with the momentum and a hawkish Fed would send this pair potentially much lower (who is going to fade cable declines?).

To me that looks like a 5-6 cent move is coming soon, one way or another.

4) USD/JPY 107.49

That's 180 pips to the upside and that's probably too much to ask ahead of the BOJ decision. If it can get up there, which is the June high, there's a good chance to sell for the short term (ahead of the BOJ).

5) USD/JPY 103.99

A dovish Fed might put some pressure on this trade in the near term but it will be balanced out by better risk appetite and the long-end of the curve might even move up. I struggle to see how this level could give out in post-Fed trades and I would use it to build longs unless the FOMC promises to be dovish forever.