Forex: USD/JPY consolidation down to 82.12
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USD/JPY
FXstreet.com (Barcelona) - The USDJPY went as low as 82.12 during the consolidative state its been on since printing a high at 82.84 yesterday. The pair is taking some time off of the recent massive rally, pricing in the December 16 election and all the fuss around a more intervening BoJ.
The pair is currently at a bounce to 82.30/35, but still edges higher on the day. The Tokyo stock exchange was closed today for Labor Thanksgiving Day.
"This (not closing above 82.68) coupled with the TD combo 13 count on the 240 minute chart and the divergence of the 240 minute RSI does point to likelihood of some consolidation ahead of further gains very near term", wrote Commerzbank analyst Karen Jones, pointing to good support at 81.78 (April high) ahead of 80.63 (June high).
The pair is currently at a bounce to 82.30/35, but still edges higher on the day. The Tokyo stock exchange was closed today for Labor Thanksgiving Day.
"This (not closing above 82.68) coupled with the TD combo 13 count on the 240 minute chart and the divergence of the 240 minute RSI does point to likelihood of some consolidation ahead of further gains very near term", wrote Commerzbank analyst Karen Jones, pointing to good support at 81.78 (April high) ahead of 80.63 (June high).
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