Topic: COZfx: BoJ keeps monetary policy unchanged

COZforex: For the past trading session, the USD strengthened 0.08% against the JPY and closed at 104.30. In the Asian session, the pair is trading at 104.48, with the USD trading 0.18% higher from yesterday’s close.

This morning, the Bank of Japan left its benchmark interest rate unchanged at 0.10%, in line with market expectations and maintained its asset purchase program at an annual pace of ¥ 60-70 trillion. The central bank also reiterated that nation’s economy continues to recover at a moderate pace, while “inflation expectations appear to be rising on the whole.”

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said, USD/JPY is predicted to find support at 104.05, and a drop through could take it to the next support line of 103.63. Meanwhile, the pair is predicted to find its first resistance at 104.70, and a rise through could take it to the next resistance line of 104.92.

With no more major economic releases from Japan scheduled in the week, investors would await monthly economic survey released by the Bank of Japan on Tuesday, next week to gauge the economic developments in the country.

(COZ forex UK)