RTTN: USD/JPY bouncing off from lows, around 82.40
FXstreet.com (Barcelona) - The Japanese yen is easing some ground against the greenback on Friday, after the preliminary result of the October domestic Leading Economic Index showed and improvement to 92.5, beating estimates at 92.0 and previous at 91.6
According to analyst Derek Halpenny at BTMU, "The rhetoric indicating continued political pressure was evident again today - this time with the ruling-DPJ and not the LDP. Economy Minister Maehara stated that he expects the BOJ to end deflation and "correct" the appreciation of the yen. But there remains evidence that the shift in thinking on monetary policy in Japan is real with potential influential future policymakers voicing opposition to the current stance of the BOJ".
The cross is now losing 0.03% at 82.38 with the next support located at 82.16 (hourly cloud base) ahead of 82.05 (intraday low Dec.5) and then the psychological level at 82.00
On the flip side, a breakout of 82.62 (high Dec.6) would clear the way to 82.75 (high Nov.30) and 82.84 (high Nov.22).
