Forex: USD/JPY “red” on Thursday ahead of Japan Labor Thanksgiving Day

FXstreet.com (Barcelona) - At 14:00 GMT, the USDJPY gave in to consolidative pressure after so many pips gained since Nov-13 (79.07 low), having printed a high at 82.84 today. Not only the pair erased today's gains, but is also moving lower on Thursday, while US markets are closed to celebrate Thanksgiving.

The USDJPY dropped to 82.27 so far, but was able to perform a quick rebound, trading at 82.40 currently. The Japanese stock exchange will be closed on Friday on Labor Thanksgiving Day, allowing investors to relax after much speculation over the Japan election on Dec-16 that could give power to LDP's Shinzo Abe. Abe wants to press the BoJ for stronger action.

"The uptrend here is absolutely intact, targeting 83.10 resistance area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial intraday support at 82.26, followed by the break-out area around 81.50.