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.

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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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