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Forex. USD/JPY currently quiet after 92.17 low

The USD/JPY fell sharply on European money, coming down to as low as 92.17, after coming under the 200-hour moving average at 92.25. Reports of difficulties in Japan PM Abe's job in getting a strongly dovish BoJ Governor took their time to have an effect on the market, but there it is.

At the moment of writing, the USD/JPY trades at 92.57 (-1.13% on the day). Swiss real retail sales rose from 3.0% (revised from 2.9%) to 5.1% in December, beating 3.2% consensus. The French budget has narrowed its deficit in December, from €103.4B to €87.2B.

“Key support and pivotal point lies at 92.00,, also 61.8% of 90.73/94.02, loss of which to confirm corrective phase is under way”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 93.00 and 93.26 offering initial resistance, the latter being reinforced by 10 over 20/55 day EMA’s bearish crossover.

European leaders moving closer to agreement on EU budget

European officials, gathered in Brussels to design a draft proposal of the long-term EU budget, finished the first day of negotiations in the small hours of the morning. The initial deal anticipates reducing the November budget proposal by 12 billion euros to 960 billion which will be allocated to agriculture subsidies, aid and scientific research over a seven year plan (2014-2020).
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