The USD/JPY may move in a 79.60-80.65 range with a slight upward bias after Japan's prime minister Wednesday called for near-term elections, raising expectations the country's next government will aggressively tackle the nation's deflation and work to prevent the yen from strengthening, says Kengo Suzuki, forex strategist at Mizuho Securities. "The pair could move a little higher, but I can't see it continuing to climb," he says, adding that it likely won't be able to breach the Nov. 2 high of 80.68. He adds focus will likely return to Europe's debt crisis and the U.S. fiscal cliff, tipping the EUR/USD in a 1.2650-1.2800 range. Focus will be on a slew of indicators from Europe and the U.S. including Germany and EU's third-quarter GDP and U.S. October CPI and November Philadelphia Fed business outlook survey. The USD/JPY is at 80.21 and the EUR/USD is at 1.2732.
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