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Forex: USD/JPY just below 94.00

Having gone as high as 94.11 in expectation of a BoJ surprise, which didn't happen, the USD/JPY came down to test 93.80 briefly before heading towards the 94.00. The market trades just below the level.

The BoJ kept things unchanged, leaving the target rate at 0.1% and keeping its asset purchase program as it was. Japan's leading economic index rose from 93.2 to 96.3 in January, little above the 93.2 consensus. The coincident index eased from 92.3 to 92.0.

"We can see that the market remains clearly under pinned by trend line support at 91.29. However there is a reluctance presently to tackle the recent high at 94.77", wrote Commerzbank analyst Karen Jones, not convinced that the market is ready to deal with resistance overhead (94.99/95.77/95.62). "We suspect that we will see a sideways trading range develop", she added.

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