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Forex pairs in this Article » USD/JPY
FXStreet (Edinburgh) - The US dollar is now trading on the softer side against the Japanese yen, dragging the USD/JPY to the 102.10/00 area.

USD/JPY looks to Yellen’s speech tomorrow

There are no relevant indicators in the Japanese economy this week, with traders focusing on tomorrow’s speech by Fed’s Chairwoman Janet Yellen. “We believe she will signal that the Fed is likely to continue tapering asset purchases but will be flexible and monitor labour market developments very closely”, commented Anders Fischer, Analyst at Danske Bank. In the domestic data front, the Current Account deficit widened to ¥638.6 billion in December while Consumer Confidence and the Eco Watchers Survey eased to 40.5 and 54.7, respectively.

USD/JPY levels to watch

As of writing the pair is down 0.16% at 102.09 facing the next support at 102.00 (200-h MA) followed by 101.25 (low Feb.6) and then 101.20 (daily cloud base). On the flip side, a break above 102.94 (high Jan.31) would expose 103.90 (Kijun Sen line) and finally 103.45 (high Jan.29).
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