The USDJPY held on to gains in Wednesday’s early Asian session, as the Bank of Japan was concluding its two-day policy meetings.
The USDJPY was trading at 120.22, down slightly from the previous close of 120.34. The USDJPY is in the midst of a two-day rally, having reclaimed 1.2000 on Monday. The pair faces a possible ceiling of 1.2100, as the markets await Wednesday’s Federal Open Market Committee policy meetings.
The BOJ will issue its rate statement between 2:30 GMT and 3:00 GMT on Wednesday. It will be followed by a press conference featuring BOJ Governor Haruhiko Kuroda at 6:30 GMT.