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Forex: USD/JPY hovering over 89.00

By FXstreet.com,  January 11, 2013, 07:51:00 AM EDT

FXstreet.com (Barcelona) - The cross is resuming its impressive rally sparked in mid November, climbing from the area around 79.20 to the vicinity of 89.40 during today's Asian session. The increasing risk-on environment as of late plus Japanese officials talking down the yen have collaborated in this renewed weakness surrounding JPY.

"Japan's PM Abe delivered on some of his promises and unveiled a fiscal stimulus plan of JPY10.3trn. The yen weakened and USD/JPY is trading near 89. While the yen is looking oversold we continue to see scope for weakness as the inflation target is hiked", assessed Senior Analyst K.Kirkegaard at Danske Bank.

At the moment the cross is advancing 0.20% at 88.97
Next resistance lies at 89.35 (high Jan.11) ahead of 89.98 (high Jun.24 2010) and finally 90.59 (high Jun.23 2010).
On the downside, a dip beyond 88.68 (low Jan.11) would bring 88.48 (high Jan.4) and then 88.02 (high Jan.9).




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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