This morning the Bank of Japan, in a short and direct statement maintained their current key lending rates and announced no new monetary policy.

JUST RELEASED

 Overseas economies still have not emerged from a deceleration phase on the whole but some improvement has recently been observed in the U.S. economy and the sluggish European economy has stopped deteriorating, the central bank said. The BoJ kept key rates and also announced it would increase the amount of loans available through its growth supporting facility by 2 trillion yen ($24.35 billion)

The Yen opened th day trading at 82.23 and fell as low as 81.97 anticipating the Banks decisions and climbed as high as 82.48 to settle down at 82.19. close to the open.

The Yen has been trading at a level close to World War II and has been slowly moving back up against the USD. Exporters in Japan to make profit need the pair to trade above the 82.00 level.

The Bank of Japan in their last statement revealed that they have not purchased any Yen or made an interventions into the markets.

Japan has been reporting a historical trade deficit for the first time in history. The economy has been suffering since the tsumani last year. Having to import oil to replace the loss of nuclear power, is costly.

width=645

USD/JPY Pivot Points (Time Frame: 1 Day)

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
81.4230
81.6925
81.9270
82.1965
82.4310
82.7005
82.9350

Fibonacci
81.6925
81.8850
82.0040
82.1965
82.3890
82.5080
82.7005

Camarilla
82.0229
82.0691
82.1153
82.1965
82.2077
82.2539
82.3001

Woodie's
-
81.6838
81.9095
82.1877
82.4135
82.6917
-

DeMark's
-
-
82.3137
82.1379
81.8097
-
-