Forex: USD/JPY overshoots past 79.60; Japan PM Noda plans to dissolve parliament
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USD/JPY
FXstreet.com (Barcelona) - USDJPY is shooting higher ahead of London session after reports coming out of Tokyo suggest that Japan Prime Minister Mr. Noda plans to hold lower-house elections on December 16.
The news has not married well with the Yen, which is losing value across the board. As Caroline Hyde, Markets Reporter at BloombergTV, notes: "Yen weakening after PM Noda says will dissolve parliament Nov. 16 if Liberal Democratic Party meet conditions including electoral reform."
USDJPY, in particular, has broken through 79.60 static resistance to peak at the 79.80 neighborhood, where November 7 low, is now acting as area to take profits for longs while some sellers take a chance to also sell on strength. Former-resistance-turned-support at 79.60 should act as an area of value to 'buy on dips' as we move into the European session.
The news has not married well with the Yen, which is losing value across the board. As Caroline Hyde, Markets Reporter at BloombergTV, notes: "Yen weakening after PM Noda says will dissolve parliament Nov. 16 if Liberal Democratic Party meet conditions including electoral reform."
USDJPY, in particular, has broken through 79.60 static resistance to peak at the 79.80 neighborhood, where November 7 low, is now acting as area to take profits for longs while some sellers take a chance to also sell on strength. Former-resistance-turned-support at 79.60 should act as an area of value to 'buy on dips' as we move into the European session.
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