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Forex: USD/JPY rally capped at 83.67, Japan election on Sunday

By FXstreet.com,  December 13, 2012, 02:52:00 AM EDT

FXstreet.com (Barcelona) - Despite providing to the market what was expected from the Fed (extension of QE3 from $40B to $85B a month, resuming MBS purchases of $40B a month and $45B of Treasury purchases), the Japanese Yen is still weakening more than the greenback. Trading ahead of the Dec-16 election in Japan and expectations of a much more dovish BoJ afterwards, markets are selling Yen agressively.

The USD/JPY rally seen this week found its current high at 83.67 on Asian hours and the pair is now consolidating at 83.55 area.

UBS analysts are bullish on the USD/JPY: "The pair targets significant resistance at 84.18, a break above would expose 85.00"; wrote analyst Geoffrey Yu, pointing to support at 82.47.




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

Referenced Stocks:



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