Forex: USD/JPY rallies on last US session of 2012

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FXstreet.com (Barcelona) - A sudden wave of risk sentiment at 14:00 GMT threw the USD/JPY to higher daily levels, being capped at 86.47, ahead of the US Senate meeting that is scheduled at 16:00 GMT.

The last attempt at reaching a "fiscal cliff" deal before year end is attracting attention, despite the thin volumes as the world celebrates the New Year. It's being reported that talks between Senate minority leader Mitch McConnell and VP Biden happened late into the evening at the White House yesterday.

"We remain bearish on the JPY but, with the market heavily short JPY already, we prefer to look to buy USD/JPY dips (GBP/JPY, etc.) dips", wrote TD Securities analysts, pointing to short-term USD/JPY support at 85.50.



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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