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Forex pairs in this Article » USD/JPY (Chicago) - USD/JPY continues dipping downward since Tokyo’s opening. The pair accumulates 0.19% daily losses so far amid Fed’s tapering and Syrian concerns.

Japanese deflation, Syrian concerns

Price action reveals bears outweigh bulls this Friday after stronger-than-expected Japanese data overall. Industrial production increased 1.6% along national consumer price indexes. Overall household spending was 0.1%, improving compared to the previous month but remaining below targets at 0.3%. In a few hours, construction orders and housing starts are due in Japan while in the US personal income data and the Reuters/Michigan Consumer Sentiment Index are due. Japan’s Economy Minister Amari said that the country is in the process of exiting deflation based on facts published and added that economic data are a positive sign for the sales tax hike debate. Meanwhile in the US, US Administration officials stated they had proofs involving Syrian President Assad for the use of chemical weaponry.

USD/JPY Technical Levels

Technically speaking, the pair trades at 98.17 between supports at 98.11 (August 19th highs), 97.85 (August16th highs) followed by 97.57 (August 27th highs) and resistances at 98.40 (August 23rd lows), 98.73 (August 26th highs) ahead of 99.14 (August 24th highs). According to the trend index, the pair is slightly bearish on one-hour timeframe analysis despite trading above the EMA20.
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