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Forex pairs in this Article » USD/JPY (Chicago) - USD/JPY extends short-term bullish channel after consolidating reversal from the 98.57 session lows.

Earlier in the US, factory orders were 1.7% vs. prior -0.1%, matching expectations. The ISM New York index was 59.3 vs. prior 53.6. 6-month bill auction results were 0.085% vs. past 0.081% while 3-month bill auction results were 0.050% vs. prior 0.046%.

USD/JPY Technical Levels

Technically speaking, the pair pulls off a bounce from 98.57 session lows attempting to consolidate a reversal after gradual descent from 98.86 2-week highs. Earlier in Japan, markets were closed on holiday leaving most market action to the European and American trading sessions. Offered at 98.63, the pair oscillates between the supports aligned at 98.47 (October 22nd highs), 98 (October 14th lows) ahead of 97.60 (October 24th highs) and the resistances set at 98.70 (October 30th highs), 99 (October 16th highs) followed by 99.25 (August 21st highs). According to the trend index, the pair is slightly bullish on one-hour timeframe analysis with a neutral EMA20.
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