Forex: USD/JPY on track to 82.50 target; downbeat Japan trade balance weighs

FXstreet.com (Barcelona) - USDJPY is firming up in the early going of the Asian session after the Japanese trade account fell almost twice as much as expected, with the indicator for October showing ¥-549B vs expectation of ¥-360.0B, and a prior reading of ¥-558.6B. Exports plunged 6.5% in Oct. The pair is presently at 81.76, having just burst through Monday's high.

As in-house technical chief Valeria Bednarik reminds us, "usually, when yen crosses set a trend, there's little to do against it and pullbacks are among the shyest around: won't be a surprise to see the pair continue surging without looking back."

"In the short term and according to the hourly chart bullish momentum seems ready to resurge after current consolidation as the indicators aims back north as 100 SMA crawls higher, now offering dynamic support around 81.20. With a primary target around 82.50, gains above this last will put at sight this year high of 84.17" Valeria adds.