USD/JPY tilted higher in Asian trade ahead of important US data today and following the Federal Reserve's meeting this week. 

AS of 06:15 GMT, USD/JPY rose 0.15% to 114.15, with an intraday low at 113.99, with an intraday high at 114.25.

From Japan, the trade deficit ballooned to 955 billion yen from 69 billion yen in October, while the seasonally adjusted deficit winded to 0.49 trillion yen from 0.42 trillion.

Japan's exports rose 20.5%, compared to a 9.4% increase in October, while on a yearly basis, imports rose 43.8%, compared to 26.7% in October. 

Japan's manufacturing PMI tapered off to 54.2 from  54.5 in November, missing estimates of 55.00.

From the US, the Philly manufacturing index are estimated to show a reduction to 29.6 in October from 39.00 in November, while unemployment claims for the week ending December 11 are expected up 8 thousand to 196 thousand. 

US housing starts might show an increase of 1.57 million, compared to a 0.7% decrease to 1.52 million in October, while building permits are expected up 1.66 million units. 

US industrial production might show a slowed growth of 0.6% from 1.6% in October, while the energy utilization rate is expected up to 76.9% from 76.4%. 

US services PMI is expected up to 58.9 from 58.00 in November following the results of the Federal Reserve's meeting this week.

The Fed voted to maintain rates at record lows below 0.25%, while doubling the rate of reducing bond purchases to $30 billion a month as expected. 

The Fed now expects 3 rate hikes in 2022, and another 3 in 2023, and two in 2024. 

Oil prices fell on Wednesday, as the US dollar held against most currencies, and trimmed today's losses after the release of US inventories data.

The Energy Information Administration reported today that the US crude inventories fell 4.6 million barrels to 428.3 million barrels during the past week, while analysts forecast a drop by 1.7 million barrels.

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 815K barrels during the same period.

The dollar index fell against a basket of major currencies by less than 0.1% to 96.6 points as of 18:09 GMT, after hitting a high of 96.9 points and a low of 96.4 points.

WTI January futures fell 0.1% to $70.6 a barrel, as of 18:06 GMT.

Brent February futures fell 0.1% to $73.6 a barrel

The US dollar fell against most currencies on Wednesday, after rising earlier, weighed down by the Federal Reserve's statement.

The Federal Reserve kept the interest rate between zero and 0.25% unchanged, and to reduce asset purchases by $30 billion per month, starting in January, double of what was previously announced of $15 billion per month.

The Fed estimated the US economy would grow by 5.5% in 2021, from 5.9% in previous forecasts, with a 4% growth in 2022 from previous estimates of 3.8%, to reach 2.2% in 2023 from 2.5% in previous estimates.

The central bank also projected inflation to rise this year to 5.3% from 4.2% in previous forecasts, and expected it to rise to 2.6% in 2022 from 2.2%.

The Fed also expects the unemployment rate to fall to 4.3% this year, from 4.8%, and to fall to 3.5% in 2022.

The dollar index fell against a basket of major currencies by 0.1% to 96.4 points as of 20:16 GMT, after hitting a high of 96.9 points and a low of 96.4 points.

Gold prices rose on Wednesday, erasing early losses after the Federal Reserve's statements.

The Fed kept the interest rate between zero and 0.25% unchanged, and to reduce asset purchases by $30 billion per month, starting in January, double of what was previously announced of $15 billion per month.

The Fed estimated the US economy would grow by 5.5% in 2021, from 5.9% in previous forecasts, with a 4% growth in 2022 from previous estimates of 3.8%, to reach 2.2% in 2023 from 2.5% in previous estimates.

The central bank also projected inflation to rise this year to 5.3% from 4.2% in previous forecasts, and expected it to rise to 2.6% in 2022 from 2.2%.

The dollar index fell against a basket of major currencies by 0.1% to 96.4 points as of 20:26 GMT, after hitting a high of 96.9 points and a low of 96.4 points.

Gold spot prices rose 0.3% to $1,777 an ounce as of 20:26 GMT.