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Forex: USD/JPY bounces back to 88.00

By FXstreet.com,  January 04, 2013, 10:51:00 AM EDT

FXstreet.com (Barcelona) - The sharp fall from 88.40 high as the US nonfarm payrolls report got released only found its low at 87.60, from where the USD/JPY bounced back, returning to the 88.00 psychological level.

During this movement back to 88.00, the economic calendar released more US data. Today's release of December ISM non-manufacturing PMI surprised market expectations by jumping from 54.7 to 56.1 instead of easing to 54.2 as predicted. The monthly change in Factory Orders was null in November, according to the US Census Bureau. Data was expected to ease from +0.8% to +0.4%.

"At this stage we remain unable to rule out further gains to 89.30 - its 30 year downtrend, where we would expect to see profit taking and a temporary halt in the bull move ahead of a move to 93.32 - the measurement higher of the triangle", 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

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