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Forex pairs in this Article » USD/JPY (Athens) - The USD/JPY pared almost all of its earlier losses, as the Russian news story ‘objects fired in Mediterranean’ faces more than skepticism.

The USD/JPY rebounds on false Syria’s jitters; manages to erase the losses immediately

Probably Russia might wanted to create a market turbulence as after news wires suggested that ‘Russia has detected "objects" fired in Mediterranean, according to Reuters’ and "Russia says rocket launch seen in Mediterranean Sea", the risk-appetite disappeared instantly and the Japanese yen gained precious ground, against its major counter-part. However, three hours after the first Russian news jitters around the globe, the Japanese yen regained its lost ground on news wires talking about “U.S. official says no American ships or planes have launched missiles in Mediterranean’’ and “Israeli military “not aware” of any missile launch in eastern Mediterranean, spokeswoman tells Reuters”. However, even the USD/JPY managed in a relatively easy way to erase its earlier losses, we actually became aware of how sensitive is the market to a possible Syria tension. Therefore, investors should bear in mind that apart from US PMI and NFP ahead, ‘Syria’s issue’ is still unsolved.

Technical outlook on USD/JPY

At the time of writing, the USD/JPY is trading at 99.40 well above 99.00 area, up 0.06%, paring a small portion of its earlier losses, immediately after false Russian news. The Trend Index shows the pair to be strongly bearish in the 15 minutes timeframe. Daily pivot point support can be found at 98.81, 98.57, 95.32 and resistance at 99.82, 100.23 and 100.48, respectively.
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