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Forex pairs in this Article » USD/JPY (Barcelona) - The USDJPY fell quickly to 90.55 in reaction to the disappointing US consumer confidence report for January, down from 66.7 (revised from 65.1) to 58.6, instead of the 64.0 consensus. However, the pair is now trading at the 90.60/70 range as data gets digested.

Also out today was November S&P/Case-Shiller Home Prices Indices, figuring a rise from 4.3% to 5.5%, in line with consensus. More important is the positioning ahead of tomorrow's US ADP employment, GDP and FOMC tomorrow, and Friday's US NFP and ISM data.

"While lacking strength, the upside remains favored although waiting for further retracements is the best strategy, as price could fall up to 89.60 before finding strong buying interest again", wrote independent analyst Valeria Bednarik, pointing to support at 90.20 and resistances at 90.90 and 91.20.
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