Forex: USD/JPY consolidates above 96.00

The dollar consolidates near a 3 ½-year high against the yen after last Friday's US jobs report fueled optimism about the strength of the US economic recovery.

USD/JPY has spent most of the day within a narrow range between 95.93/94.25 after hitting its highest since Aug 2009 at 96.54 last Friday on the back of NFP. At time of writing, USD/JPY is trading around 96.10/15, where it is virtually unchanged since opening.

The yen remains vulnerable amid speculations the BoJ may ease its policy further at its April's meeting after the governor Haruhiko Kuroda is appointed.