Forex: USD/JPY holds upside ahead of US vote (Barcelona) - Despite yesterday's plunge to test the 84.00 psychological level and today's BoJ policy decision around expectations that allowed a fall to 83.86 low, the market is determined to find a way to keep the 84.00 mark and look higher.

The USD/JPY is “green” on the day and now jumping further after US data releases and ahead of today's vote on fiscal cliff's “plan B” in Washington, at 00:30 GMT (Friday).

The BoJ decided to expand its asset purchase fund by ¥10tn to ¥76tn and is willing to “examine” its inflation goal at its next policy meeting, in a nod to PM-elect’s Abe.

The current USD/JPY jump printed a new daily high at 84.45. “We would allow for the possibility of a ‘return to point of break out at circa 83.04/82.84, provided this holds the downside the market will remain immediately bid”, wrote Commerzbank analyst Karen Jones, pointing to 80.65 in case of failure there.