Forex: USD/JPY retreats from highs, actually around 82.30/35

FXstreet.com (Barcelona) - The Japanese yen is picking up pace against the greenback at the moment, trading in the 82.30/35 region, indifferent to the big moves in the risk appetite, weakening the US dollar across the board.

Amidst the difficult political situation in Japan ahead of the December general elections, considered by many as the main driver behind the recent soft tone of the yen, Derek Halpenny, analyst at BTMU, commented "There's a lot to clarify and get through before the financial markets are likely to see any shift in government policy - which makes us think that USDJPY remains at risk of undergoing some correction lower".

At the moment, the cross is losing 0.17% at 82.36 and further losses would see a test of the psychological level at 82.00 ahead of 81.65 (low Nov.21) and then 81.30 (MA200h).
On the upside, a breakout of 82.52 (high Nov.23) would aim to 82.84 (high Nov.22) and 82.94 (high Apr.4).