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Forex pairs in this Article » USD/JPY (Barcelona) - The USD/JPY faltered Tuesday as investors and traders quickly transitioned back to “risk off” mode when news of more delays out of Washington surfaced.

USD/JPY traders seemingly 100% focused on Washington tight now

The USD/JPY appears to be reacting exclusively to the developments and headline flow out of Washington, DC. When the news is good, USD/JPY rallies and when the foolishness is ratcheted up, the cross falls. The latest report is that there will be no vote in Congress tonight.

USD/JPY traders will also get to react to US TIC Flows, the US NAHB Housing Market Index and the US Fed Beige Book Survey – all to be released during US market hours.

Technical outlook for USD/JPY

Technicians note that the first possible support for USD/JPY is at 97.88 and 97.63 – both Fibonacci retraces of the recent rally. Resistance comes in at the 10/1 peak at 98.72.
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