The USD/JPY will likely consolidate in a narrow range ahead of Thursday's FOMC meeting outcome, says Kengo Suzuki, forex analyst at Mizuho Securities in Tokyo. "Opinion is mixed toward whether the Fed would initiate QE3, and the market is having a hard time factoring in a possible outcome" he says, adding that the USD will likely be sold in the event of QE3, while it would be bought if no easing measures are announced. Suzuki tips the USD/JPY in a 78.00-78.60 range for the session. The pair is at 78.21.
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