USD/JPY hovers around unchanged levels...>

DOLLAR-YEN: USD/JPY hovers around unchanged levels and last trades at Y111.71.

The BoJ is set to deliver its MonPol decision later today, with focus on the

rhetoric surrounding the decision, as MonPol settings are widely expected to

remain unchanged. For our comprehensive preview, visit

https://emedia.marketnews.com/BOJ_Preview_March_2019.pdf

- Thursday saw the rate close 53 pips better off. The bulk of the upward move

was noted in the Asia-Pacific session, as Nikkei reported that the BoJ is

considering a slight downgrade to its assessment of the economy in March, amidst

broader USD strength. A positive start for the Nikkei 225 did little to help the

yen, even as the index gradually slid to unchanged levels.

- The rate later posted a ~20 pip leg higher around the 1600GMT London fix.

- Bulls now turn their focus to the Mar 6 high of Y111.92 and a further break

above the Y112.00 mark would open up Y112.12, which represents the upper

Bollinger band (2%). Thursday saw the rate breach its 100-DMA and 200-DMA at

Y111.31 and Y111.43 respectively, bears now look for a fall back below those

levels.