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Forex: USD/JPY holds above 87.35 and looks higher

By FXstreet.com,  January 08, 2013, 05:31:00 AM EDT

FXstreet.com (Barcelona) - The USD/JPY is trading narrow during the course of the European morning while the market holds above 87.35 and stays below 87.45. Yen selling took place during Asian hours after Japan's Finance Minister Aso remarks in regard to the usage of foreign exchange reserves to buy ESM bonds in order to help stabilize the Yen. These comments naturally made a wider impact in the EUR/JPY chart, but investors will be eyeing the ESM bill auction later today.

The Eurozone has found improving sentiment indicators in December, an upwards revision in the annualized retail sales figure of October (from -3.6% to -3.2%) and a rising unemployment rate to 11.8% in November, as expected. German Factory Orders come next.

"Negative hourly structure and 4h indicators descending from overbought zone, see potential for further retracement, with loss of 87.22, overnight's low, to open 87.00, 50% retracement and 86.75/70, 03 Jan low / Fib 61.8%", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 88.00 barrier on bounces.




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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