Forex: USD/JPY closer to 7-month highs
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - The continuing upside of the USDJPY seen on Friday, last day of November, allowed the pair to jump from just above the 82.00 mark since early trading and to print a current daily high at 82.75, surpassing Monday's high (82.62). Next stop is the 7-month high printed on Nov-22, at 82.84.
The Yen remains suggestive to an agressive BoJ, aiming at 1% inflation, or even 2% in case LDP's Shinzo Abe wins the Dec-16 election in Japan. Meanwhile in Europe, ECB's Draghi spoke in early European hours, expecting EZ recovery in H2 2013 and defended that the unified supervision must apply to all banks to avoid banking sector fragmentation.
Improved sentiment is felt surrounding the likely German Parliament vote in favor of the Greek deal and an eventual agreement in the US about the "fiscal cliff" soon.
Japan economic calendar shows a jump in yearly based Construction Orders in October, from 3.6% to 29.1%. Housing Starts jumped from 15.5% to 25.2%, instead of easing to 10.1% as expected. Vehicle Production stayed contracting at -12.4%.
"Probably the consolidation pattern below 82.82 high is already over with the recent low at 81.67 and a break through 82.62 will confirm that the uptrend is renewed towards 84.80", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday support at 81.60.
The Yen remains suggestive to an agressive BoJ, aiming at 1% inflation, or even 2% in case LDP's Shinzo Abe wins the Dec-16 election in Japan. Meanwhile in Europe, ECB's Draghi spoke in early European hours, expecting EZ recovery in H2 2013 and defended that the unified supervision must apply to all banks to avoid banking sector fragmentation.
Improved sentiment is felt surrounding the likely German Parliament vote in favor of the Greek deal and an eventual agreement in the US about the "fiscal cliff" soon.
Japan economic calendar shows a jump in yearly based Construction Orders in October, from 3.6% to 29.1%. Housing Starts jumped from 15.5% to 25.2%, instead of easing to 10.1% as expected. Vehicle Production stayed contracting at -12.4%.
"Probably the consolidation pattern below 82.82 high is already over with the recent low at 81.67 and a break through 82.62 will confirm that the uptrend is renewed towards 84.80", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday support at 81.60.
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