USD/JPY chart - Trading View
USD/JPY has erased early gains and was trading marginally lower at 103.50 at around 04:00 GMT.
The major showed little reaction to BoJ status quo and remained undermined by broad-based US dollar weakness.
The Bank of Japan (BOJ) kept its monetary policy setting unchanged at its January monetary policy review meeting on Thursday.
BoJ left the key interest rate unchanged at -0.1% while maintaining a 10-year JGB yield target at 0.00% and revised 2020 growth forecasts lower.
The central bank has revised the gross domestic product (GDP) target for the fiscal year 2020 to -5.6% from the previous projection of -5.5%.
The bank projects a core CPI of 0.5% in the fiscal year 2021, slightly higher than 0.4% previously.
USD/JPY trades with a major bearish bias. Recovery was rejected at 55-EMA and daily cloud.
Scope for downside resumption as RSI slips below 50 mark and price action closes below 21-EMA. Bears eye trendline support at 102.45.
