JPY Trading Outlook (11-12-2012)

The Japanese Yen (JPY) USD/JPY found support at Y82.10 after being dragged lower from EUR/JPY selling but we have since rebounded in Asian trade on Tuesday. The Japanese elections are having a massive impact on the currency with opposition promises to stimulate the economy through unlimited bond purchases. Australian Dollar (AUD) was very subdued yesterday in a 30 pip range finding solid sellers at 1.0500 and strong support near 1.0460. Chinese Trade Balance fell in November to 20bn as exports were lower than forecast. EUR/AUD is still getting attention with the important cross finding support at 1.2300 and buoyant in Asian trade Tuesday. Update Australian Business Confidence slumps to -9 in November near 2008 Financial crisis levels as the business cycle peaks for the commodity powerhouse. Looking ahead, no economic data.