USD whipsawed in Asia end of week ahead of Japan elections

FXstreet.com (Barcelona) - Big reversal in USD today in the Asia-Pacific to end the trading week in the region, ahead of elections to the upper house of parliament in Japan, taking USD index to fresh daily lows at 82.55 from earlier session highs at 82.93, leaving behind a clear H&S reversal pattern in the short term charts from latest recovery.

EUR/USD posted fresh session highs at 1.3151 off previous session lows at 1.3089, while Aussie did so at 0.9196 from 0.9155 USD session lows, and Cable at 1.5249 from 1.5197. USD/JPY first went to session highs at 100.86, and then fell from there to session lows at 99.79, last at 100.06, following a massive sell-off in Nikkei futures.

Local share markets also reversed to session lows from previous gains, with Nikkei index and Shanghai Composite last below -1%. Gold climbed to fresh session highs at $1295 while Oil posted fresh 15-month highs above the $108 handle. Foreign investment in Japan decreased from previous month to ¥398.2B from previous ¥485.3B.

Main headlines in the Asian Session:

New Zealand June Visitor Arrivals (YoY) decreases to 6% vs 8.7%

Japan: Foreign bond investment (July 12): ¥1105.7B vs ¥973.9B

Oil again at $108, not seen since March 2012

Will Detroit bankruptcy have widespread effects in the U.S.?

USD/JPY savaged as Nikkei tumbles 3.5% from highs

Talk macro fund behind Nikkei sell-off