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Forex pairs in this Article » USD/JPY (Barcelona) - The USD/JPY opened the week with more gains as money continued to flee the Yen as “risk on” remains en vogue.

USD/JPY traders to react to Japanese data and US news Tuesday

Right now, the USD/JPY is trading as if the Yen is the ultimate safe-harbor currency and the DXY is the one of the two in the pair that carries perceived risk.

USD/JPY traders will get to react to Japanese Industrial Production numbers early Tuesday and speeches by the US Fed’s William Dudley and Richard Fisher later in the session.

Technical outlook for USD/JPY

Technicians note that the first possible support for USD/JPY is at 98.54 with 97.34 and 98.08 backing that level up. All three of those levels are horizontal lines created by pivots put in place over the last several sessions. Resistance comes in at the Tuesday session high of 98.69 and is backed up by the 9/30 peak at 98.72.
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