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Forex pairs in this Article » USD/JPY (Chicago) - USD/JPY accumulates 427 pips won this month from which 125 were this week and 85 today. The pair extends an upward trendline and consolidates above the 100.30 zone in the afternoon of the American trading session.

Peaceful resolution?

In the US, the NFIB business optimism index was 94.0 vs. prior 94.1 while the Redbook index was 0.3% vs. past 0.6% (MoM). Market participants digest the latest Syrian developments after the Russian peaceful proposal released yesterday to resolve the conflict without the use of violence seems to serve its purpose. The markets seem to react positively and rumors spread stating Congress will continue postponing its decisions for possible military strike.

USD/JPY Technical Levels

Price action reveals a strong 100.47 resistance that capped the pair a few hours back. At 100.25, the pair trades between supports at 100.14 (July 25th highs), 99.86 (September 3rd highs) ahead of 99.59 (July 20th lows) and resistances at 100.46 (July 25th highs), 100.64 (July 19th highs) followed by 100.85 (July 17th highs). According to the trend index, the pair is slightly bullish on one-hour timeframe and remains above the EMA20.
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