Forex: USD/JPY climbs above 94.00

The US dollar extended gains versus the yen during the American session and finally pierced the 94.00 level to hit its strongest in 9 days at 94.08 in recent dealings.

Amid broad dollar strength, the USD/JPY has risen over 70 pips throughout the day and it is currently trading around 94.00/05, recording a 0.8% daily gain.

On the upside, immediate resistance is seen at 94.50 followed by 95.00. On the other hand, supports are now seen at 93.00 (psychological level), 92.90 (Mar 5 low) and 92.40 (Mar 1 low).