Forex: Yen pulls back across the board after FOMC

USD/JPY is testing levels above 90.00, as the pair continues to recover after falling to 89.10 earlier. On the upside the next resistance level lies at 90.55. Between 90.20 and 90.40 the pair has a congestion zone.

EUR/JPY rose back above 126.00 to 126.39, reaching a fresh intra-day high. The pair was able to recover from previous losses and after falling to 125.19, the lowest price since April 28.

GBP/JPY is extending its gains. The pair fell during the Asian session to 143.56, reaching a fresh one-month low but later the Pound recovered and after the Fed's statement rose further to 145.69. Currently trades at 145.51/55, 0.56% above today's opening price.

The Fed has voted to keep its Funds rate at 0% to 0.25% level while economic conditions warrant exceptionally low levels of the federal funds rate, although Thomas M. Hoenig, vote against the policy action assessing that financial and economic conditions have changed sufficiently that the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted.

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