Assume there is a job JOBXYZ placed on HOLD via TYPRUN=HOLD.
Then after sometime $PXEQ is issued so no new jobs are started by JES.
At this point of time, if a $AJ command is issued to release JOBXYZ, would the job start executing?
$PXEQ is stopping the initiators. Releasing a held job while the initiators are stopped means the job will not start executing until there is an initiator available for the job. $S will start the job even if a $PXEQ was done before, but not $A.