USD/JPY trades near the 163.60 area on Wednesday, recovering from its immediate post-announcement decline as investors assess a generally hawkish Federal Reserve (Fed) monetary policy decision. The Federal Open Market Committee (FOMC) left the fed funds rate unchanged within the 3.50%–3.75% range, as widely expected. However, the decision was approved by a 9–3 vote, with Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan preferring a 25-basis-point rate increase. The unusually large group of hawkish dissenters indicates that concerns about persistent inflation are gaining support within the central bank. Short-term technical analysis:On the 4-hour chart, USD/JPY trades at 163.59.