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Forex pairs in this Article » USD/JPY (Edinburgh) - The Japanese yen is appreciating against the greenback on Wednesday, dragging the USD/JPY from overnight peaks above 98.20 to the current area of 97.60.

USD/JPY looks to the US docket

There is not much driving the pair from the Japanese side, so today’s release of the US GDP Annualized will be the main catalyst for the pair. “Subdued JGB yields at a time when yields are rising elsewhere is a recipe for yen weakness, and thanks to last week’s FOMC decision, events seem to be unfolding along these lines. We stick to our end-2013 USDJPY forecast of 110”, commented G.Yu and G.Berry, Strategists at UBS.

USD/JPY support/resistance levels

At the moment the pair is down 0.38% at 97.45 facing the next support at 96.95 (low Jun.25) followed by 96.86 (low Jun.21) and finally 96.83 (low Jun.20). On the flip side, a surpass of 98.24 (high Jun.26) would open the door to 98.72 (high Jun.24) and then 98.75 (Kijun-Sen line).
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