FXstreet.com (Córdoba) - The Dollar is consolidating gains against the Yen ahead of the decision of the FED. USD/JPY rebounded at 90.55 and rose back above 90.90. Greenback was unable to break on top of 91.00 but remains near the zone. On the upside the next resistant lies at 91.30 and above at 91.60 (Oct 26 highs). Support on the downside is located at 90.60/55 and below at 90.05/00 (intra-day low).
In an hour the Federal Open Market Committee of the FED will announce their decision on monetary policy.
The RANsquawk Research Team affirms: On the whole, analysts believe the Fed will stick to the wording: rates to stay low for an 'extended period' for at least one more month as inflationary pressures continue to remain subdued due to the enormous slack in the economy and high unemployment levels. Though, some analysts believe there is still a slim chance they may alter the language, perhaps to please the growing chorus of global central banks that have expressed concern over USD weakness.