More from FXstreet.com

Forex: USD/JPY back and forth during Asian time

By FXstreet.com,  January 03, 2013, 03:21:00 AM EDT

FXstreet.com (Barcelona) - As the US session closed, the USD/JPY rallied to a new high (87.36), but today's Asian shift pulled the pair back down, to 87.09 low. The pair's trading has been under that range and is particularly on the lower end of it as the European session opens.

Still at bank holiday since New Year, Japan is not contributing to market volume as much as it uses to yet. Higher volumes are expected starting tomorrow.

Strong resistance at 86.83/87.23 area (23.6% retracement of the move down from the 2007 peak and the December 2008 low and the 55 MONTH moving average) should keep the USD/JPY from further upside for a while: "We will need to see a close above here to confirm the break higher, near term we would allow for some consolidation", wrote Commerzbank analyst Karen Jones.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



Latest News Video

How Canada's Immigration Debate Differs From The United States'
How Canada's Immigration Debate Dif...
Could Canada's Start-Up Visa Program Lure Innovators Away From U.S.?
Could Canada's Start-Up Visa Progra...
A Million Bucks Ain't Enough
A Million Bucks Ain't Enough        
Woman Who Made Six Figures Is Now Homeless
Woman Who Made Six Figures Is Now H...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.




Most Active by Volume:

Company Last Sale Change Net / %
PFE $ 29.16 0.07  0.24%
BAC $ 13.21 0.14  1.07%
SIRI $ 3.34 0.07  2.14%
MU $ 13.24 0.48  3.76%
MSFT $ 34.99 0.59  1.72%
S $ 7.22 0.10  1.37%
CSCO $ 24.70 0.61  2.53%
INTC $ 25.10 0.18  0.72%