Forex: USD/JPY goes under 94.00

Having reached its Asian session peak at 94.22, the USD/JPY has been consolidating today's gains around the 93.90/94.00 area, +0.50% higher on the day. The USD/JPY is strong on Monday after Japan's PM Shinzo Abe remarks before the Parliament, considering the removal of BoJ's independence in case the central bank misses the 2% inflation target.

Investors celebrate the fact that the G20 meeting was muted in regard to Japan's policy. "The G20 had to accept that a monetary policy aimed at national targets is the responsibility of the individual country and does not justify external interference – even if the exchange rate moves created do affect other economies. Effects of this nature are to be “monitored and minimised” according to the G20 statement but that is nothing but statement rhetoric without any meaning", wrote Commerzbank analyst Ulrich Leuchtmann.

"Recent rise from 92.20 signals, that the test of 92.16 low has failed and the pair attempts to test 94.40 high. Although the intraday bias is positive, I favor a reversal below 94.44 to trigger one more sell towards 92.20 support area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key intraday support at 93.30.