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Forex: USD/JPY easing on early Europe

By FXstreet.com,  December 28, 2012, 02:53:00 AM EDT

FXstreet.com (Barcelona) - As the Asian session shifts to Europe, the USD/JPY is weakening and printing daily lows. Early in Asian morning, the pair had ralied intensely from the lower end of the 86.00 mark to 86.64 high on the back of deflationary Japanese data.

The National CPI improved from -0.4% to -0.2% in November, but was still negative, as it was "Ex food and energy" and "Ex fresh food" data. Tokyo CPI fell further to -0.6%. The annualized flash Japan industrial production fell from -4.5% to -5.8% in November.

UBS analysts are bullish: "We expect more upside in the near term towards 89.16", wrote analyst Gareth Berry, pointing to 91.13 in case of a break.




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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