Forex: USD/JPY holds onto 87.00 level after US data release
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USD/JPY
FXstreet.com (Barcelona) - Unlike virtually every other G-10 cross, the USD has made tremendous strides against its Japanese counterpart Wednesday as investors have retreated from the sanctuary provided by the yen in the weeks leading up to the fiscal cliff deadline. During American trading today, the pair has netted a gain of +0.53%, while setting at 87.14/15 and managing to hold onto the vaunted 87.00 level for the vast majority of the day.
In the United States, Construction Spending (MoM) contracted -0.3% in November, against consensus estimates of +0.6%. Meanwhile, the anticipated ISM Manufacturing PMI yielded a result of 50.7 in December, relative to expectations of only 50.2, and up from 49.5 in the previous month. Finally, ISM Prices Paid came in at 55.5 in the month of December, against projections of 52.0.
Japanese markets are closed for holidays until January 4th, which will likely result in JPY trading on broader market sentiment. In terms of technical levels, supports are seen at 86.52/00 and then at the Tenkan-Sen line at 85.59 line. On the other hand, resistance levels are seen at 87.33, 88.00, and then at 88.12.
In the United States, Construction Spending (MoM) contracted -0.3% in November, against consensus estimates of +0.6%. Meanwhile, the anticipated ISM Manufacturing PMI yielded a result of 50.7 in December, relative to expectations of only 50.2, and up from 49.5 in the previous month. Finally, ISM Prices Paid came in at 55.5 in the month of December, against projections of 52.0.
Japanese markets are closed for holidays until January 4th, which will likely result in JPY trading on broader market sentiment. In terms of technical levels, supports are seen at 86.52/00 and then at the Tenkan-Sen line at 85.59 line. On the other hand, resistance levels are seen at 87.33, 88.00, and then at 88.12.
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