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USD/JPY extends rally, closer to 80.00

By FXstreet.com,  June 21, 2012, 05:29:00 AM EDT

FXstreet.com (Barcelona) - The USD/JPY is insisting on the upside after retesting the 200-day moving average at 78.75 earlier this week. With new, and more dovish, BoJ members to be announced soon in Japan, the Yen grows weaker.

After weaker EMU and Germany manufacturing PMIs and higher yields on the Spanish bond auction (full take up, though), France got better yields in its 2, 3, 4 and 5-year bond auction in a total of €8.432B. Also fresh is news of the fiscal pact deal in German, now available for voting at the June 29 EU summit.

"With yesterday's break above 79.12 the bias here is bullish, for a break through 79.80, en route to 80.60 and later on 81.80", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to support at 79.30 and 78.80.




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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