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Forex pairs in this Article » USD/JPY (Barcelona) - The USD/JPY is down modestly early in Wednesday’s session following what technicians are calling a bearish engulfing candle on Tuesday. Data flow likely to drive the action throughout Wednesday’s session.

USD/JPY traders to monitor technicals and US data for rest of Wednesday session

USD/JPY traders will be closely monitoring the US Monthly Budget Statement as well as headlines surrounding the budget resolution agreed to by members of the US House of Representatives. Actually, the real headlines to watch will be whether the Senate signs off on the House’s budget and submits it to President Obama for his final approval.

Technical outlook for USD/JPY

Technicians say the USD/JPY could be in the early stages of an downside move that has an eventual downside target that takes the cross all the way back down to 94 (from 103 and change currently). A close above 103.54 will be needed to change this bearish outlook for the pair and a close above 103.73 will confirm the more bullish scenario is unfolding.
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