Global macro overview for 15/03/2016:
The Bank of Japan has left the current interest rate negative at -0.10% as anticipated and hasn't increased the annual monetary base above 80T. Nevertheless, in the official statement at the press conference BoJ sounded pessimistic about the economy and warned that weak inflation would continue. BoJ Governor Haruhiko Kuroda noted that exports and output was down due to slowing growth in emerging economies. In conclusion, further easing steps will likely be applied in April, with many experts expecting the BoJ to expand monetary stimulus next month.
Now let's take a look at the USD/JPY technical picture on the daily chart. The clear triangle structure has been building up since February 11, and the price is still trading in this congestion range. Only a clear break-out below the 110.94 level will indicate the bears are back in control and they might try to test the important daily support at 110.06.