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Forex pairs in this Article » USD/JPY (Athens) - The USD/JPY is trading upwards today, despite heightened investor
uncertainty related to potential military conflict in Syria.

USD/JPY trades upwards on European trading session, despite military strike jitters

While in Asian trading session the Japanese currency gained solid ground against its major counter-part, on Tuesday’s European trading session, the USD/JPY pared its earlier losses. Away from the latest developments related to Syria with military
action are not expected until later this week, investor expectations that the
Fed will begin to taper QE in September remain on track. Markets are looking for flat pending home sales in July.

Technical outlook on USD/JPY

According to Tim Riddell, Head of Global Markets Research in ANZ team, ‘USD/JPY remains the key driver. Current range trading (96-103) is seen as constructive in the context of an underlying
Bias is buy into USD/JPY weakness for a retest of recent highs’. At the time of writing, the pair is trading at 97.48 area, up 0.47%. The Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 97.50, 96.23, 95.75 and resistance at 98.94, 99.14 and 99.43, respectively.
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