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Forex pairs in this Article » USD/JPY (Barcelona) - The USD/JPY is down from the 103.38 session peak to a level around 103.17 in rather conspicuous fashion apparently in reaction to general bearishness surrounding the US Dollar – spurned on by continuous strength in EUR/USD.

USD/JPY traders to monitor Japanese indicators due out in a few hours

USD/JPY traders will be closely monitoring Japanese Consumer Confidence data and Japanese Machine Tool Orders which are due out in just a few hours. There are no meaningful US data due out Tuesday, so the Japanese data and technicals will have to suffice for traders seeking directional guidance.

Technical outlook for USD/JPY

Technicians say the USD/JPY could be in the final stages of an upside correction that has a Fibonacci-generated target resistance will be 103.54 with the 5/22 intraday high at 103.728 backing that up. If 103.54 holds up as resistance, there could be a sizable move lower coming for the USD/JPY. On the other hand, a convincing break above 103.728 would cause a dumping of the Yen the likes of which we have not seen in quite a while.
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