Dollar off the boil ahead of the Fed policy decision at 7pm GMT- USD/JPY in the spotlight

It will not be long now until the Fed unveil their final monetary policy decision of the year. The overwhelming expectation across the markets is for a 0.25% cut in the Fed Funds rate, taking that down to a mid-point of 4.375%. It was previously at 4.625%. Earlier this afternoon the dollar did push to session highs versus the Euro and the Yen. Unsurprisingly the high for the dollar came right on the 4pm London fix, so we conclude there was a dollar buying order set for that. The USD/JPY topped out at 154.09 and the EUR/USD based at 1.0467. The EUR/USD is now edging back towards 1.05 once more leading into the Fed announcement and the USD/JPY is tracking back towards 153.75. The USD/JPY is definitely the pair most in play this evening, especially as we have the BOJ policy decision due early tomorrow morning (around 5.30am GMT). The question in around 20 minutes from now; is how will it react to what looks like a foregone conclusion from the Fed this evening. All to play for folks over the next 12 hours. The USD/JPY is right now at 153.75