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Forex pairs in this Article » USD/JPY (Barcelona) - The USD/JPY continued its miserable trek lower Monday and is not showing any real effort to rally even as it is very mildly positive early Tuesday.

USD/JPY showing just how weak the greenback is

The USD/JPY may be the truest read on the strength of the US Dollar as it pairs one traditional safe-harbor currency (the greenback) against another (the Yen). The picture being painted by the chart of the USD/JPY is very bleak for the US Dollar.

Tuesday, USD/JPY traders will be looking to trade off of the Japanese Leading Economic Index as well as the Japanese Coincident Index. Additionally, there will be several US Fed Heads speaking during the US session.

Technical outlook for USD/JPY

As noted above, technicians say the USD/JPY broke below another Fibonacci projection line at 96.91 and really has only 95.80 horizontal line support before the new ultimate downside target of 95.6s is in play. Resistance for the cross comes in at Friday’s high of 97.47.
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