Forex: Abe comments prompts more USD/JPY buying; aproaching 80.60
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USD/JPY
FXstreet.com (San Francisco) - In the midst of a lackluster Asian session, USDJPY has found some buying interest and is now trading at fresh 8-day highs (80.50) after Wednesday's sharp advance, last at 80.45, around 20 pips above its starting price.
The move follows reports that Japan's main opposition Liberal Democratic Party President Shinzo Abe is calling for unlimited easing until deflation ends. Also adding to the bullish outlook are Associated Press reports that say Japanese parliamentary elections have been tentatively set for Dec. 16 after Prime Minister Yoshihiko Noda pledged to dissolve the parliament yesterday.
At the time of writing, the pair is creeping higher with key resistance at 80.60 in sight (50%, 84.16/77.12 downswing). A break above the level could open scope for a run to 81.45 (61.8% Fibo). 80.35 (Oct 25 high) offers support on dips, then 80.10 (July 5 high).
The move follows reports that Japan's main opposition Liberal Democratic Party President Shinzo Abe is calling for unlimited easing until deflation ends. Also adding to the bullish outlook are Associated Press reports that say Japanese parliamentary elections have been tentatively set for Dec. 16 after Prime Minister Yoshihiko Noda pledged to dissolve the parliament yesterday.
At the time of writing, the pair is creeping higher with key resistance at 80.60 in sight (50%, 84.16/77.12 downswing). A break above the level could open scope for a run to 81.45 (61.8% Fibo). 80.35 (Oct 25 high) offers support on dips, then 80.10 (July 5 high).
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