Forex: USD/JPY remains at lower end of 86
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USD/JPY
FXstreet.com (Barcelona) - The market is taking profits on the extended rally seen on December, as the month and year end. The USDJPY fell from mid 86 area to test the psychological level, printing its low at 85.95. After a quick bouce to 86.34, the market remains at the lower end of the mark.
Today, finance minister Aso defended FX intervention against yen speculation and wants to reach an agreement with the BoJ in regard to the inflation target before the January 21-22 meeting.
The fiscal cliff issue remains on investors' minds, capable of reacting strongly to headlines as the market trades with thin volumes. Today's talks will be held at the White House, between President Obama, Reid, McConnell, Boehner and Pelosi.
From 50.4 in November, the Chicago PMI became more expansionary by rising to 51.6. Actual data has beaten market consensus of 51.2. The annualized US Pending Home Sales eased from 13.2% to 8.9% in November. The monthly rise in August was of 1.7%, beating the -0.3% consensus estimate.
"Today the price may reach the level of 85.93 and start a correction. The first target is to eliminate the gap at 84.85 and then to continue falling down towards the level of 83.80", wrote Roboforex analyst Igor Sayadov, pointing to the final target of the correction at the level of 80.
Today, finance minister Aso defended FX intervention against yen speculation and wants to reach an agreement with the BoJ in regard to the inflation target before the January 21-22 meeting.
The fiscal cliff issue remains on investors' minds, capable of reacting strongly to headlines as the market trades with thin volumes. Today's talks will be held at the White House, between President Obama, Reid, McConnell, Boehner and Pelosi.
From 50.4 in November, the Chicago PMI became more expansionary by rising to 51.6. Actual data has beaten market consensus of 51.2. The annualized US Pending Home Sales eased from 13.2% to 8.9% in November. The monthly rise in August was of 1.7%, beating the -0.3% consensus estimate.
"Today the price may reach the level of 85.93 and start a correction. The first target is to eliminate the gap at 84.85 and then to continue falling down towards the level of 83.80", wrote Roboforex analyst Igor Sayadov, pointing to the final target of the correction at the level of 80.
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