USD/JPY: BoJ keeps policy steady, revises up view on consumption


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 1.37% against the JPY and closed at 110.85.

In the Asian session, at GMT0300, the pair is trading at 111.17, with the USD trading 0.29% higher against the JPY from yesterday’s close.

Earlier today, the Bank of Japan (BoJ), at its latest monetary policy meeting, maintained its key interest rate steady at -0.10% and gave a more brightened outlook on private consumption and overseas growth, signalling its confidence that an export-driven economic recovery was broadening and gaining momentum.

The pair is expected to find support at 110.01, and a fall through could take it to the next support level of 108.85. The pair is expected to find its first resistance at 111.80, and a rise through could take it to the next resistance level of 112.43.

Moving ahead, traders will keep a close watch on a speech by the BoJ Governor, Haruhiko Kuroda, due in a few hours.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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