The American dollar was traded lower against the yen today, due to weak U.S. manufacturing data and increasing concerns over the U.S. fiscal cliff.
USDJPY was traded at the level of 81.88 during late Asian trading session, which is the lowest level for this pair since November 29. Later on USDJPY stayed stable at 81.87, going down with 0.46%.
The pair USDJPY was supposed to find support at 81.67, a bottom from November 28, and resistance at 82.49, a top level from yesterday’s session.
Yesterday the Institute of Supply Management released a report that showed that manufacturing activity in America made a sudden decrease in November, slipping to a three year low.
The yen has weakened in a big extend during the recent weeks, due to expectations that impending elections on December 16 will add to political pressure on the Bank of Japan to implement more aggressive monetary easing steps.
The yen was traded above the euro, with EURJPY reaching the level 107.03.
Level of support for USDJPY: 81.67, 79.06, 77.42;
Level of resistance for USDJPY: 82.49;