Forex: USD/JPY up and running, high at 89.72

FXstreet.com (Barcelona) - The USDJPY keeps on rising today and reached as high as 89.72 just recently, currently trading at 89.63. more government talk about foreign exchange. According to Bloomberg, Japanese government official Nishimura said: "USDJPY at 100 is no problem". Such remark might have been the trigger to a pair back to its highs, approaching the 90.00 mark.

The economic calendar revealed lower exports (from -4.1% to -5.8%) and rising imports (from 0.9% to 1.9%) in December (YoY), both wider than expected. The (adjusted) trade deficit came in at¥800b vs¥760b expected.

"Improved hourly structure sees potential for stronger recovery, however, still weak studies on 4h chart, require regain of 90.00, to confirm recovery and re-focus 90.23 peak", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to the 89.00 mark as support, reinforced by 4h Ichimoku cloud top and 20/55 day EMA's bullish crossover, "with break here to weaken the structure".