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Forex pairs in this Article » USD/JPY (Barcelona) - USD/JPY continues to trade as if the US Fed is uber-hawkish and the BOJ is going to be perpetually stuck in a dovish purgatory.

USD/JPY traders waiting on Japanese data due out shortly

USD/JPY traders will be reacting to the release of Japan’s Corporate Goods Price Index and Japan’s Machinery Orders in about 30 minutes. Later on Tuesday, the only news / data of interest in the US will be the 10-year US Treasury Note auction. Between the Japanese data and the US auctions, traders will be primarily focused on the USD/JPY’s ability to overcome key technical resistance at 99.71.

Technical outlook for USD/JPY

Technicians say USD/JPY key “correction resistance” (based on Elliott Wave projections) at 99.71. Above that level, “par” or 100 comes into play. Support for USD/JPY comes in at Monday’s low of 98.91 and is followed up by Friday’s low of 97.96.
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