USD/JPY down within range sub-111.00

The USD/JPY pair seesawed between gains and losses on Wednesday, turning modestly lower after the release of the FOMC Meeting Minutes. The pair currently trades at around 110.55, as stocks ticked higher with the announcement, while government bond yields turned lower. US policymakers repeated that they will maintain the current monetary policy until they see substantial further progress towards the central bank's goals of employment and inflation. Worth noting that a substantial majority of participants judged that the risks to their inflation projections were tilted to the upside.

Also, "In coming meetings, participants agreed to continue assessing the economy's progress toward the committee's goals and to begin to discuss their plans for adjusting the path and composition of asset purchases," while "participants reiterated their intention to provide notice well in advance of an announcement to reduce the pace of purchases."

The near-term picture is bearish although the pair needs to confirm a bearish continuation with a break of the 110.30 support area, where it bottomed this week. Bulls may have chances if the pair finally recovers above 111.00.