FX Update: The dollar majors maintained relatively narrow ranges FX Update: The dollar majors maintained relatively narrow ranges as market participants wait for the FOMC announcement and press conference on Wednesday. EUR-USD managed to lift back to the 1.06 area after dipping to a low at 1.0551. USD-JPY has continued to ply a range in the 121s. An as-expected no change in policy from the BoJ and boilerplate remarks from Governor Kuroda at the post-meeting press conference had little impact on the yen. The Nikkei closed with a 1% gain, closing just off new 15-year highs. Regarding the Fed, there is widespread anticipation that it will drop the word "patient" at his week's FOMC policy review, though analysts think that the statement will emphasize that the timing of a rate hike will be data dependent, which in the event could spark a short squeeze on the dollar.