USD/JPY: BoJ kept its benchmark interest rate unchanged at -0.1%


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.45% against the JPY and closed at 111.71.

In the Asian session, at GMT0400, the pair is trading at 111.65, with the USD trading 0.05% lower against the JPY from yesterday’s close.

The Bank of Japan, in its March monetary policy meeting, left its interest rate steady at -0.1%, as widely expected and warned growth in exports and factory output will decline, leading to mounting overseas risks that could hinder the weak economic recovery.

The pair is expected to find support at 111.42, and a fall through could take it to the next support level of 111.19. The pair is expected to find its first resistance at 111.89, and a rise through could take it to the next resistance level of 112.13.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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