• 
• See all for FXstreet.com
• View Print Version

FXstreet.com (Barcelona) - USD/JPY is currently trading at fresh 2012 highs 86.49 in early Tokyo on new comments from recently elected PM Abe, minutes after a batch of data coming out from Japan. The pair is up +2.01% from Monday's close, +2.64% for the week, and +12.25% year to date. Nikkei index opened above the 10400 points mark for first time since the day before 2011 tsunami, currently barely below it, and up +0.65% for the day so far, +23% year to date.

Data coming out from Japan showed pretty mixed results, with manufacturing PMI at 45, lower than previous, and CPI figures still showing negative numbers since year 2009. Industrial production came in also worse than previous and expected, while unemployment rate fell to 4.1% from previous 4.2%. Foreign invest in JP stock doubled, being net buyers for sixth week. USD/JPY is highest since late July 2010, showing extreme overbought readings in daily RSI 14 not seen since year 2002 when trading above 130.00.

Immediate resistance to the upside for USD/JPY shows at recent session highs 86.63, followed by July 01 2010 lows at 86.95, and Dec 17 2008/Jan 21 2009 lows at 87.10. To the downside, nearest term support lies at yesterday's highs 86.15, followed by Wednesday's highs at 85.72, and yesterday's lows at 85.57.

Related Forex and Currencies Articles

• 
  Gold under pressure as dollar firms ahead of Bernanke, Fed minutes
  5/21/2013 06:26 AM
• 
  Forex - USD/CAD hits session highs in early trade
  5/21/2013 06:26 AM
• 
  U.S. stocks higher but gains limited; Dow Jones up 0.33%
  5/21/2013 06:25 AM