Forex: USD/JPY declines off high since mid 2009
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USD/JPY
FXstreet.com (Barcelona) - Following the short term 'resolution' of the US fiscal cliff, Yen has continued to weaken, leading to USDJPY pushing higher to post a high since mid 2009.
The move to 87.32 came in the early hours of the overnight session and saw spot find resistance at Classic R3 at 87.23, where spot is currently contained, trading at 87.03. Hourly MA's are all indicating that a continuation of the up trend may follow, especially with the new Japanese Government openly setting a target of 90. Hourly RSI is at 57, but currently absent any directional bias. Calendar wise we have seen a lot of Manufacturing PMI numbers out today, Spain came in softer than expected at 44.6/45.1, Italy 46.7/45.3, France 44.6/44.6, Germany 46/46.3, Greece 41.4 against a previous of 41.8 and the EU at 46.1/46.3. UK Manufacturing PMI came in at 51.4/49.1. German CPI at 13:00 GMT.
The move to 87.32 came in the early hours of the overnight session and saw spot find resistance at Classic R3 at 87.23, where spot is currently contained, trading at 87.03. Hourly MA's are all indicating that a continuation of the up trend may follow, especially with the new Japanese Government openly setting a target of 90. Hourly RSI is at 57, but currently absent any directional bias. Calendar wise we have seen a lot of Manufacturing PMI numbers out today, Spain came in softer than expected at 44.6/45.1, Italy 46.7/45.3, France 44.6/44.6, Germany 46/46.3, Greece 41.4 against a previous of 41.8 and the EU at 46.1/46.3. UK Manufacturing PMI came in at 51.4/49.1. German CPI at 13:00 GMT.
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