USD/JPY last trades at Y108.98 after.....>

DOLLAR-YEN: USD/JPY last trades at Y108.98 after falling 73 pips Wednesday, as

the Fed held rates steady and removed "further gradual increases" from its

forward guidance, signalling a move to a neutral stance. The Fed added that it

will remain patient, citing "muted inflation" & "global econ & financial

developments." In updated guidance on balance sheet normalization, the FOMC said

it is "prepared to adjust any of the details for completing balance sheet

normalization in light of economic and financial developments," but also

emphasized that the fed funds rate is its "primary means" of adjusting MonPol.

Worth mentioning Japanese Vice FinMin Asakawa told BBG that Tokyo would oppose

any currency clause in a trade deal Japan wants to strike with the U.S. 

- Bears look for a fall through Wednesday's low of Y108.81 before shifting focus

to Y108.69, where the rate bottomed on Jan 17. Meanwhile, bulls look to Y109.27,

which represents the 38.2% fibo retracement of the move from Y125.86 to Y99.02

and a break above would open up the cloud Tenkan Sen at Y109.41. 

- The BoJ Jan MonPol meeting summary of opinion comes out alongside Japanese

industrial output at 2350GMT/0850JST. Elsewhere, BoJ Dep Gov Amamiya will speak.