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Forex pairs in this Article » USD/JPY (Chicago) - USD/JPY continues trading above the upward trendline that started last October 7th on possible US shutdown that may come to an end soon.

Is this the beginning of the end?

Republicans proposed a plan to postpone the US default sending the dollar higher to 98.29 10-day highs. The possibility of meeting the deadline and increasing the debt ceiling spreads among market participants who react positively to the proposal. Until now, nothing has been heard from the democrats. In Japan, the Nikkei 225 closed with 1.12% gains after better than expected manufacturing results.

USD/JPY Technical Levels

Technically speaking, the pair is offered at 98.22 and oscillates between supports aligned at 97.83 (October 3rd highs), 97.44 (October 4th highs) ahead of 96.92 (October 3d lows) and the resistances set at 98.34 (September 24th lows), 98.73 (September 30th highs) followed by 99.16 (September 25th highs). According to the trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
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