Forex: USD/JPY steady around 94.00

FXstreet.com (Barcelona) - After rallying to as high as 94.50 right at the start of the week, investors took profits, pulling the USD/JPY back to 93.67 session low. Then, the pair moved back to the 94.00 mark, where it has been quoting steady.

The reason for the Yen selloff were reports (not confirmed yet) that PM Abe will nominate dove ADB President Kuroda to lead the BoJ. Tomorrow, investors will be watching closely to Fed Bernanke's semi-annual testimony, which could have an impact on the USD/JPY.

“The uptrend here has been renewed and my outlook is positive above 93.50 support area, for a rise through 94.30, towards 96.00”, wrote Deltastock.com analyst Stoyan Mihaylov.

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