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Forex pairs in this Article » USD/JPY (Barcelona) - The USD/JPY opened up higher Tuesday on some renewed Yen weakness and the general risk-on attitude that is permeating global financial markets recently.

USD/JPY traders to monitor the Nikkei’s movements as well as Japanese and US data

USD/JPY watchers will continue to monitor and react to the Yen’s movements resulting from or tied to the Nikkei’s movements. There has been a very clear inverse relationship between the Yen (in bear mode recently) and the Nikkei (in bull mode recently). Additionally, though, USD/JPY watchers will be monitoring Japanese and US data due out Tuesday:

• Bank of Japan Monthly Economic Survey
• US Mortgage Applications
• US Durable Goods
• US New Home Sales

Technical outlook for USD/JPY

Technicians now say the USD/JPY is clearly in the midst of a third wave move higher that should take the cross up to points north of 106. The first two support levels for the cross come in at 103.73 and 103.54 – the previous resistance levels for USD/JPY.
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