ForexTV | January 31 2013 10:46 EST
ForexTV.com (New York) by Timothy Kelly
Yen has been the focus of the past six weeks as a roughly 1,000 pip move down against the dollar has traders wondering if we have run out of steam. The backdrop here is a very aggressive Japanese government led by Shinzo Abe who is determined to re-inflate the Japanese economy and in the process deflate (devalue) the Yen.
After trading in a narrow range overnight, USD/JPY has broken out after the weaker than expected jobless claims number in the US.
91.50 and 92.00 are the next upside targets, but looming NFP may put the brakes on any significant advance for the next 24 hours. To the downside, 90.50 and 90 are support levels.
Forex research by ForexTV.com