Forex: USD/JPY pressured by Japanese exporters
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USD/JPY
FXstreet.com (Barcelona) - Before starting to tumble, the USDJPY printed a high at 82.21. Japanese exporters entered a profit taking phase and fully retraced gains made yesterday, reaching as low as 81.72, but the market seems more comfortable in trading above 81.85 zone.
Now that the main FX issue becomes the US "fiscal cliff" and the year end is at the door, markets will be keeping an eye on the US Congress. Meanwhile in the European session, the economic calendar indicates that the annualized Spanish retail sales improved from -11.0% to -9.7% in October, while consensus was pointing to further contraction to -11.5%.
"We note that the pattern developing on the chart is a potential bull flag, this offers resistance today at 82.42 and a break above here is likely to act as the precursor to further gains", wrote analyst Karen Jones, pointing to good support is seen at 81.78 (April high) ahead of 80.63 (June high).
Now that the main FX issue becomes the US "fiscal cliff" and the year end is at the door, markets will be keeping an eye on the US Congress. Meanwhile in the European session, the economic calendar indicates that the annualized Spanish retail sales improved from -11.0% to -9.7% in October, while consensus was pointing to further contraction to -11.5%.
"We note that the pattern developing on the chart is a potential bull flag, this offers resistance today at 82.42 and a break above here is likely to act as the precursor to further gains", wrote analyst Karen Jones, pointing to good support is seen at 81.78 (April high) ahead of 80.63 (June high).
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