Investing.com - The dollar slipped lower against the yen in subdued trade on Tuesday, as investors remained cautious ahead of the Federal Reserve’s latest policy meeting on Wednesday. USD/JPY hit 97.47 during late Asian trade, the session low; the pair subsequently consolidated at 97.53, slipping 0.15%. The pair was likely to find support at 97.15, the low of October 23 and resistance at 97.78, Monday’s high. The yen found support after declines in Asian equities markets overnight underpinned safe haven demand. Japan’s Nikkei ended down 0.49%, after rallying 2.2% on Monday. The Fed was not expected to announce any change to the rate of its USD85 billion-a-month asset purchase program after its meeting on Wednesday. The U.S. central bank was instead expected to delay plans to start tapering stimulus until well into next year. Data released on Monday showed that U.S. industrial production rose 0.6% in September, coming in above expectations for a 0.4% rise. However, a separate report showed that U.S. pending home sales fell 5.6% in September, down for the fourth consecutive month. The yen was also higher against the euro, with EUR/JPY sliding 0.17% to 134.40. Elsewhere, the euro was little changed against the dollar, holding off Friday’s 23-month highs, with EUR/USD dipping 0.03% to 1.3782.

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