USDJPY

The Bank of Japan kept interest rates near zero this morning and issued new forecasts that predict inflation will remain near its 2% target over the next three years, signaling that it is ready to raise borrowing costs later this year. Japan’s Nikkei index also rose more than 1% after the announcement, while the yen fell to its lowest level in 34 years against the dollar after 156, as the decision undermined some key market expectations that the BOJ would raise interest rates. The 155.92 level could be monitored for intraday downtrends. If it falls below this level, supports at 155.67, 155.17 and 154.92 could become important. In case of possible increases, resistance levels at 156.42, 156.67 and 157.17 will be monitored. Support: 155.670 – 155.170 Resistance: 156.420 – 156.670