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Forex: USD/JPY falls below 94.00 level as overnight gains dissipate

Earlier today, the USD/JPY rose to a new multi-year high of 94.77 overnight after several Japanese newspapers reported that Haruhiko Kuroda has won the government's nomination for Bank of Japan Governor. However, the pair has seen its gains evaporate across European trading Monday, as it fell below the 94.00 level in recent moments, trading at session lows at 93.88/89.

At the time of writing, the USD/JPY has incurred a loss of -0.72% below its opening. According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., the USD/JPY is slated to face means of calculated support (the pair recently breached support at 94.00) at 93.87, then 93.66, and finally 93.50. On the ascension, a move above 94.29 will foster additional resistive means at the 94.45 handle, up to 94.55.

“Only filling the overnight gap and falling below Friday’s closing price (93.37), would signal false break, while key near-term support lies at 92.00 base and break here is required to bring bears in play.” notes Drvenica.

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