CORRECTION: USD/JPY finds support at 86.00, back above 86.30

By IBTimes Staff Reporter | November 30 2009 1:02 PM

FXstreet.com (Barcelona) - After capping its recovery at 86.70, the Greenback has found support at 86.00 against the Yen in the last hour with the pair trading around 86.25/35, 0.40% below today's opening price. To the downside support could be located at 86.00 and below at 85.85 (intra-day low) and 86.65.

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According to the FastBrokers Research Team, the USD/JPy is fighting to get back above December 2008 lows: The USD/JPY is consolidating well above Friday lows after tipping over in reaction to the news from Dubai combined with last week's solid Japanese econ data. Meanwhile, the USD/JPY is fighting to get back above December 2008 lows as U.S. equities and crude turn positive. Japan's Industrial Production number came in well below analyst expectations, allowing investors to buoy the Yen against the Dollar. Although neither the BoJ nor the Finance Ministry have made any more aggressive comments in regards to an intervention, it seems investors are already pricing in the potential of governmental action considering how close the USD/JPY is getting to its all-time lows.

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