Investing.com - The dollar slipped lower against the yen on Thursday after the Federal Reserve was less pessimistic than expected in its assessment of the economy, following its latest policy meeting.
USD/JPY hit 98.28 during Asian trade, the session low; the pair subsequently consolidated at 98.30, shedding 0.22%.
The pair was likely to find support at 97.85, the low of October 22 and resistance at 98.66, Wednesday’s high and a two-week high.
The Fed left its USD85 billion-a-month asset purchase program in place and gave no clear indication whether it would start scaling back stimulus at the December meeting or continue it into the start of 2014.
"The housing sector has slowed somewhat in recent months," the Fed statement said. However, Fed officials stuck to the view that the economy is expanding "at a moderate pace" and said downside risks were diminishing.
Elsewhere, the Bank of Japan made no changes to its stimulus program on Thursday and reiterated that inflation will almost reach the bank’s 2% target by 2015.
The yen was higher against the euro, with EUR/JPY down 0.50% to 134.64.
Elsewhere, the euro was lower against the dollar, moving further back from Friday’s 23-month highs, with EUR/USD down 0.27% to 1.3698.
USD/JPY hit 98.28 during Asian trade, the session low; the pair subsequently consolidated at 98.30, shedding 0.22%.
The pair was likely to find support at 97.85, the low of October 22 and resistance at 98.66, Wednesday’s high and a two-week high.
The Fed left its USD85 billion-a-month asset purchase program in place and gave no clear indication whether it would start scaling back stimulus at the December meeting or continue it into the start of 2014.
"The housing sector has slowed somewhat in recent months," the Fed statement said. However, Fed officials stuck to the view that the economy is expanding "at a moderate pace" and said downside risks were diminishing.
Elsewhere, the Bank of Japan made no changes to its stimulus program on Thursday and reiterated that inflation will almost reach the bank’s 2% target by 2015.
The yen was higher against the euro, with EUR/JPY down 0.50% to 134.64.
Elsewhere, the euro was lower against the dollar, moving further back from Friday’s 23-month highs, with EUR/USD down 0.27% to 1.3698.