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Forex: USD/JPY consolidates around 83.50

By FXstreet.com,  December 13, 2012, 08:13:00 AM EDT

FXstreet.com (Córdoba) - The rally of the dollar against the yen stalled at the 83.65 area, where it printed a nearly 9-month high during the Asian session, even as the USD lost ground versus the rest of its competitors given the Fed decision to increase bond purchases.

USD/JPY peaked at 83.67 but retreated toward the 83.25 zone afterward. Despite the recent pullback, the yen remains under pressure ahead of the Japanese elections over the weekend, with the main opposition party, which supports more accommodation from the BoJ, is expected to reach power.

At time of writing, USD/JPY is trading at the 83.45 zone, still up 0.2% on the day. As for technical levels, the Mataf.net team locates immediate resistances at 83.50, 83.65 and 83.85, while they see supports at 83.25, 83.05 and 82.80.




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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