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Forex: USD/JPY trading at 87.10/17

By FXstreet.com,  January 02, 2013, 04:27:00 AM EDT

FXstreet.com (Barcelona) - The JPY has been the lone G-10 currency to fall against the USD Wednesday, following the extended bout of risk appetite enveloping the markets during European trading. With the drama of the fiscal cliff now in the rearview mirror, the USD/JPY is holding steady above the 87.00 level, though still slightly below its session highs (87.36) - at the time of writing, the pair is trading at the 87.10/17 mark.

Presently, the USD/JPY is operating at a rate of +0.51% above its opening, the product of knee-jerk optimism surrounding the resolution of the US fiscal cliff. From a technical point of view, the USD/JPY has a bullish outlook is slated to face calculated resistance at 88.12, onto 189.16. According to Research Analyst Gareth Berry at UBS, "The immediate risk is for a correction in the near-term that could unwind the extended upside extremes." As such, support lies at 85.67.

With Japan on a Bank Holiday, investors will no doubt place their bets as they look ahead towards the pivotal release of the Nonfarm Payrolls in the United States on Friday. For the conclusion of today however, US ISM Manufacturing data will clearly steal the show, slated for publication at 15:00 GMT.




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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