FXstreet.com (London) - Japanese stock market closed today, as the exporting nation started celebrations ahead of the rest of the globe. With little in way of significant news, global markets are officially starting their wind-downs for 2009. The numbers are being totted up and the books are being closed. Despite the local closure, the Japanese Yen still trades, but is equally subject to the effects of the looming New Year.
USD/JPY is currently trading at 92.42, having come off its early bull run in the session, which was capped at 92.60. With Japan closed any moves will be purely technical form the Dollar side and the slowly improving positive sentiment amongst investors.
For key technical levels Valeria Bednarik, collaborator at FXstreet.com, guides us: Pair continues well supported above the 92.00 area, despite general thin trading conditions. With Japan market closed, expect the pair to remain in range, thus holding the bullish bias; above 92.80, pair will likely extend the rally to the 93.10 area, before reaching 93.40 zone.