The BOJ kept policy unchanged at this week's meeting. They bumped up growth forecasts but slightly downgraded inflation. Japanese data overnight confirmed continued weakness in household spending while unemployment rate fell to the lowest on record. U.S. Advance GDP is the event to watch later today.

USD/JPY gapped up at the start of the week on better risk sentiment after the first round of the French election. Buyers stepped in before the gap was filled and sent the pair up to 50 DMA. 111.80 - 112 is the initial resistance on the way to 113 (channel top). 110 is a support.

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