Forex: USD/JPY holding BoJ based gains above 94.00

The USD/JPY surged from 93.36 to 94.50 right as the FX market opened for the week. Since then, the chart has been watching a sideways pair being traded throughout the Asian session, and now European morning. For now, the cross has been able to limit retracements above 94.00.

Behind the early up move were reports (not confirmed yet) that PM Abe will nominate dove ADB President Kuroda to lead the BoJ.

“USD/JPY remained sidelined last week, but has started this week by attempting to resume its upmove . Our stance remains sidelined to positive”, wrote Commerzbank analyst Karen Jones, pointing to 2010 high at 94.99 then the March 2009 spike low at 95.77 overhead.