Forex: USD/JPY higher for the session, but still flat for the week

FXstreet.com (Barcelona) - Amid a batch of data coming out of Japan today, coupled with end of month flows, USD/JPY surged in early Hong-Kong trade, blowing out all stops above 82.20, and capping right below previous weekly highs, last at 82.41, off session highs at 82.54. While PM Noda says 1% inflation target is realistic, his opponent for next Dec 16 general elections Abe says a 2% target is the minimum, and that if he's elected, won't discuss on this matter, market sources say.

The 82.51 session highs are exactly last Fibo retrace of year 2012 down leg from March highs around 84.20, while past week's highs 82.84 are Fibo extension of daily leg up from Sept lows 77.10 to Oct highs 80.66. At the same time, according to latest COT, commercials keep adding to long yen positions, reaching record levels since April, while the short side is held by speculators, mostly divided at even between big and small ones.

In the data front, Japan showed an increase in industrial production for first time in 4 months, and CPI figures kept on in the negative side, with core Tokyo CPI year on year at -0.5%, a modest growth since year 2012 lows at -0.8% in May. Construction orders and housing starts had a big jump year on year, best figure since year 2008 for housing starts. Nikkei index has stalled around previous 7-month highs past Friday below the 9485 mark, still higher for the day by +0.72%.

Immediate resistance to the upside for USD/JPY shows at recent session highs 82.54, followed by Monday's/weekly highs at 82.62, and past Thursday Nov 22 highs at 82.83. To the downside, closets support lies at Tuesday's highs 82.31, followed by yesterday's and Monday's lows at 81.90, and Wednesday's lows at 8168.

source:http://community.nasdaq.com
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