FXStreet (Córdoba) - The USD/JPY moved erratically between fresh daily lows and highs right after the Fed announced its decision to leave federal funds at record lows and to trim bond purchases by $10 billion to $35 billion in June, as widely expected.

The USD/JPY slumped to a fresh daily low of 101.93 only to bounce to the 102.30 area shortly after as investors asses Fed statement and a set of new quarterly projections.

Projections reaveled most officials expect the first rate hike in 2015 while a Little steeper rise is seen in 2016. The Fed also cut GDP and unemployment rate projections while left inflation forecasts nearly unchanged.

The USD/JPY is currently trading at 102.15, back to square one. Attention now turns to Janet Yellen who will adress the press at 18:30GMT.

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Forex pairs in this Article » USD/JPY

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