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Forex pairs in this Article » USD/JPY (Chicago) - USD/JPY soared post FOMC minutes release but bears pressured sell off sending the pair down 0.12% within the past hour. Daily gains remain at 0.42% so far but uneven reactions across the markets indicate uncertainty among market participants.

Critical Thinking?

Wall Street recovered losses right after the FOMC minutes were made public but a slower reading and critical thinking assessment sent the stocks down to close in the negatives as the minutes did not contain clear data implying Fed’s tapering or indisputable economic recovery. In Japan the Nikkei 225 had closed up 0.21% on Wednesday.

Technical Levels

Price action indicates the pair soared to daily highs but retraced from 97.90 zone to stabilize around 97.60. Trading at 97.69, the pair oscillates between supports at 97.57 (August 14th lows), 97.47 (August 19th lows) ahead of 97.34 (August 18th lows) and resistances at 97.76 (August 16th highs), 97.93 (August 13th lows) followed by 98.13 (August 19th highs). According to the trend index, the pair is slightly bullish on one-hour timeframe analysis, offered above the EMA20.
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