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Forex pairs in this Article » USD/JPY (Chicago) - USD/JPY continues declining as the Asian trading journey, with Tokyo’s markets closed on Respect for the Old Age holiday, advances. After Larry Summers announced his withdrawal from the pool of candidates to replace Ben Bernanke, the Fed news are set to continue making headlines this week.

More Fed shockers for the week?

Market participants wait for the Fed Pace of MBS purchase program on Thursday along the FOMC economic projections for the US. A $10B reduction is expected although no official declarations have been made. Market participants weigh September taper odds…

USD/JPY Technical Levels

Price action reveals the dollar continues weakening against a yen that trades 0.57% stronger, sending the pair down and extending the bearish trendline that started last week after failed attempt to reach 100 zone. Reaching 98.46 2-week lows, the pair is offered at 98.83 and oscillates between supports at 98.73 (August 26th highs), 98.48 (September 6th lows) ahead of 98.24 (August 26th lows) and resistances at 99 (September 12th lows), 99.32 (September 10th lows) followed by 99.64 (September 9th highs). According to the trend index, the pair is slightly bearish on one-hour timeframe analysis and is offered below the EMA20.
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