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Forex: USD/JPY rises ahead of BoJ on Thursday

From a false start of the week, dropping to 92.36 low, the USD/JPY held steady and rallied from 92.50 on European money flows up to 93.50, where it was capped and was unable to continue the upside. The pair trades slightly below its highs, at 93.38 (+0.72%).

Not much is expected today, but Japan will be publishing consumer confidence, machinery tool orders and GDP data during the week before Thursday's BoJ monetary policy decision. Given that current Governor Shirakawa is due to leave soon and the most antecipated meeting happened last month, little is to expect this time.

It's been reported that the G7 might release a currency-related statement, about the so-called “currency war”. The economic calendar is empty. Exception made for the FOMC member Yellen speech at 18:00 GMT.

“We favor a test of the strong resistance at 94.99. An initial resistance is at 94.06 (06/02/2013 high)”, wrote Roboforex.com analyst Igor Sayadov, pointing to support at 91.98 (05/02/2013 low) and at 90.33.

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