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Forex pairs in this Article » USD/JPY (Barcelona) - Foreign investment in Japanese securities came out Yen-bearish and the USD/JPY rallied.

Yen weakness manifesting itself in higher USD/JPY

The Japanese foreign investment data that was released earlier was Yen-bearish and the USD/JPY jumped from 97.78 to 98.30 in just over two hours. Since then, however, the cross has drifted lower to right around 98.10.

Technical outlook for USD/JPY

The USD/JPY’s long-term outlook is bearish according to technicians. They have the ultimate downside target at 92.53. However, short-term they are calling for upside in the Yen to 98.86 as the current upside correction plays out. Short-term support comes in at 98.08 and is backed up by horizontal line support at 97.83.
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