Forex: USD/JPY trades at 81.18/21

Share | (Barcelona) - After a drop below the 81.00 level earlier today morning of European trading, the USD/JPY has recovered this mark and drifted into positive territory at 81.18/21, where it settles presently. On the day, the pair has spanned a 38-pip range (80.90 intraday minimum, 81.28 intraday maximum), without any high profile catalysts or price movements.

"An analysis of the hourly charts shows that the USD/JPY has a high credibility bullish pattern. Our price target will be 81.71 break of which open us to a run for 82.25 and a possible uptrend." states Mark De La Paz, an analyst at FX Instructor.

After a brief setback earlier, the cross has pared its losses and is notching an advance of +0.04% Friday. The analyst team at identifies the next resistive means at 81.69, 82.24, and finally 83.03. Conversely, a breach of the pivot point at 80.91 will usher in supportive measures at 80.36 onto 79.57, and finally 79.02.

In Japan, "Our Japanese research team believes that a victory by the opposition Liberal Democratic Party ( LDP ) appears likely given that the LDP continues to outpoll the ruling Democratic Party of Japan (DPJ) by a considerable margin. As such, they therefore expect Shinzo Abe to become PM for a second time." predicts Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank.

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: LDP

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As of 4/23/2014, 04:07 PM