Chart - Courtesy Trading View
USD/JPY was trading 0.15% higher on the day at 114.77 at around 05:45 GMT, extending previous session's gains.
At its first policy meet of the year, BoJ left the 10-year yield target and the policy balance rate unchanged at 0.00% and -0.10% respectively.
The central bank cut the 2021 median GDP forecast to 2.8% from 3.4% but raised the 2022 median GDP forecast to 3.8% from 2.9%.
It has left the 2021 core CPI median forecast unchanged at 0.00% but has raised the 2022 core CPI median forecast to 1.1% from 0.9%.
USD/JPY caught a fresh bid after the policy decision and tested highs of 115.05 before paring some gains.
Escalating tensions between Europe and Moscow, over Moscow's huge military build-up on the border with Ukraine dent market sentiment.
Major Support Levels:
S1: 114.47 (5-DMA)
S2: 114.13 (55-EMA)
S3: 114
Major Resistance Levels:
R1: 115.03 (200H MA)
R2: 115.85 (Previous week high)
R3: 116
Summary: USD/JPY set to benefit from ongoing risk-off. Price action is currently capped at 200H MA, break above will see further gains.