Forex: USD/JPY in session highs, around 82.40

FXstreet.com (Barcelona) - The cross is trading in the upper end of today’s range so far, orbiting around 82.40 propelled by better-than-expected data out of the US economy. In fact, both factory orders and the ISM Non-Manufacturing rose to 0.8% and 54.7 respectively.

According to Currency Strategist I.Spivak at DailyFX, “prices pulled back as expected after putting in a Spinning Top candlestick. The pair is now consolidating above support at 81.78, the 76.4% Fibonacci expansion. Resistance is at 82.61, the 100% Fib, level, with a break above that targeting the 123.6% expansion at 84.33. Alternatively, a drop below support eyes the 61.8% mark at 81.26”.

The cross is now up 0.59% at 82.38 facing the next barrier at 82.50 (high Dec.3) followed by 82.75 (high Nov.30) and then 82.84 (high Nov.22).
On the downside, a break below 81.80 (low Dec.5) would bring 81.79 (low Dec.5) and finally 81.72 (low Dec.4).

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