Forex: USD/JPY at profit taking after 82.54 high
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - The USDJPY upside extended to the 82.54 high just ahead of the upbeat flash US Markit Manufacturing PMI in November (up to 52.4 instead of 51.0 consensus). Resistance at 82.50 forced profit taking back to 82.35 zone, where the pair currently trades.
The release of Reuters/Michigan Consumer Sentiment in November (up to 82.7 instead of the 84.5 consensus) and the Leading Indicator in October (up by 0.2% as expected) didn't change the pair's direction much.
Replying to BoJ's Shirakawa, Abe explained that he didn't say he was in favor of the BoJ underwriting bonds from the government directly, but buying bonds from the market. He also corrected the "3% inflation" remark to 2 to 3 pct. Shinzo Abe plans to change the Constitution in regard to the "right to self defense", increase military spending and send officials to the disputed islands with China. Also, he would cut corporate tax rates strongly and welfare in 10%.
"The recent break above 81.50 signals, that the consolidation pattern below the mentioned level is already over and the bias is positive, for an upmove towards 83.10 resistance area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to an intraday support at 81.50 and crucial on the downside is 81.14.
The release of Reuters/Michigan Consumer Sentiment in November (up to 82.7 instead of the 84.5 consensus) and the Leading Indicator in October (up by 0.2% as expected) didn't change the pair's direction much.
Replying to BoJ's Shirakawa, Abe explained that he didn't say he was in favor of the BoJ underwriting bonds from the government directly, but buying bonds from the market. He also corrected the "3% inflation" remark to 2 to 3 pct. Shinzo Abe plans to change the Constitution in regard to the "right to self defense", increase military spending and send officials to the disputed islands with China. Also, he would cut corporate tax rates strongly and welfare in 10%.
"The recent break above 81.50 signals, that the consolidation pattern below the mentioned level is already over and the bias is positive, for an upmove towards 83.10 resistance area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to an intraday support at 81.50 and crucial on the downside is 81.14.
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