Forex: USD/JPY retraces intraday gains (Córdoba) - The dollar pulled back from recent highs versus the yen as US President Obama threatened to veto Republicans' plan B in negotiations to avoid the 'fiscal cliff'.

USD/JPY retreated from a 20-month peak of 84.61 although it has been contained by the 84.20 zone. At time of writing, USD/JPY is trading at the 84.35 zone, up 0.2% on the day.

Valeria Bednarik, chief analyst at notes that the USD/JPY holds a bullish tone as market continues to price in more action from BOJ. The analyst locates immediate resistances at 84.60, 84.90 and 85.20, while supports are now seen at 84.20, 84.00 and 83.75.