Keep an eye on the 82.15/20 area at today’s close. That’s a zone where there were several daily highs back in May of last year before we slumped below 80 once again. A close above would be a major victory for the once beleaguered USD/JPY.
A recovering US economy, a resolution to the Greek crisis (for now) and a seemingly structural shift in Japanese trade patterns (massive, expensive oil imports and sluggish exports have obliterated the traditional trade surplus).
82.59 is next resistance. 81.85 is support on dips. There is also talk of a large sell order at 82.40.
