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Forex: USD/JPY retraces below 94.00

The USD/JPY is giving in to more retracement of early gains, with a high printed at 94.50. The European morning allowed the pair to breach below the 94.00 mark and find a low at 93.67. The pair remains “tall” (+0.44%), given its early rally from 93.36.

Behind the early up move were reports (not confirmed yet) that PM Abe will nominate dove ADB President Kuroda to lead the BoJ. The USD/JPY is currently quoting around 93.80.

“Only filling the overnight gap and fall below Friday’s closing price, would signal false break, while key near-term support lies at 92.00 base and break here is required to bring bears in play”, wrote Windsor Brokers analyst Slobodan Drvenica, aiming towards near-term target at 94.97, 2010 high.

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