USD/JPY: BoJ Maintains Its Interest Rate At 0.1%

USD/JPY: BoJ Maintains Its Interest Rate At 0.1%

For the 24 hours to 23:00 GMT, the USD strengthened 0.69% against the JPY and closed at 93.93.

In the Asian session, at GMT0400, the pair is trading at 93.88, with the USD trading marginally lower from yesterday’s close.

In the morning session, the Bank of Japan (BoJ) held its benchmark interest rate steady in the range of 0.0% to 0.1% and also decided to maintain the size of the asset purchase program. Separately, the official reserve assets in Japan declined to $1,258.8 billion at the end of February 2013 compared to $1,267.3 billion in assets at the end of January 2013.

The pair is expected to find support at 93.31, and a fall through could take it to the next support level of 92.73. The pair is expected to find its first resistance at 94.30, and a rise through could take it to the next resistance level of 94.71.