The dollar could fall sharply, though that may be only a temporary phenomenon.

The Fed did not change its upbeat view of the U.S. economy. The dollar-bullish trend will continue.

The Fed was more hawkish than expected.

We think the Fed will keep going to 5 percent by May.

Given the current sentiment in the market, there's probably a greater chance of the dollar rallying on a strong number than the risk of any sort of sell-off if there is disappointment.

There is a sense of accomplishment in the market, having succeeded in boosting the dollar above the key 116 yen level.