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Forex: USD/JPY breaks 87.00 on US low tax rates extension

By FXstreet.com,  January 02, 2013, 02:48:00 AM EDT

FXstreet.com (Barcelona) - The "risk on" sentiment today on the passing of the bill to extend low tax rates in the US over the next 10 years and avoid the infamous "fiscal cliff"did the trick on the USD/JPY to hit the 87.00 mark.

The pair kept on rising during the Asian shift and, not only reached the psychological level, but also surpassed it and printed its high at 87.33 by Asian closing time. Japan's stock exchange was closed for Bank Holiday.

"Closing above the 86.50 figure on Monday, the USDJPY pair looks ripe for an advance on the 88.00 round figure", wrote Fxstreet.com independent analyst Richard Lee, pointing to downside potential in a break of the 84.50 round figure.




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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