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Forex: USD/JPY consolidates beyond 94.00

The Japanese yen is extending its weakness on Tuesday, trading in the upper end of today’s range around 94.25/30 so far, albeit posting marginal losses.

After yesterday ‘support’ by the US Undersecretary of the Treasury L.Brainard, to the Japanese current monetary policy, analyst M.Helt at Danske Bank commented, “Japan is currently doing something that is not very different from what the US has done previously, so it is very unlikely that the US will criticise Japan’s current policy and we still look for Bank of Japan to continue with very aggressive monetary easing going forward”.

The cross is down 0.08% at 94.25 with the next support at 93.87 (low Feb.12) ahead of 93.75 (high Feb.8) and finally the psychological level at 93.00
On the flip side, a breakout of 94.46 (2013 high Feb.11) would open the door to 94.99 (2010 high May 4/5) and then 95.10 (high Aug.24 2009).

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