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Forex pairs in this Article » USD/JPY (Chicago) - USD/JPY continues strengthening shortly after Tokyo’s opening accumulating 0.24% daily gains so far after the announce of Yellen as Bernanke’s replacement at the Fed.

President Obama decided to select Yellen as the new replacement of Bernanke amid a political US crisis that is about to complete one week. The Japanese BoJ minutes were released with main headlines explaining “The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen.”

USD/JPY Technical Levels

Technically speaking, the pair is offered at 97.11 and oscillates between supports aligned at 96.92 (October 3rd lows), 96.41 (August 10th lows) followed by 95.92 (August 9th lows) and the resistances set at 97.44 (October 4th highs), 97.83 (September 18th highs) ahead of 98.34 (September 25th lows). According to the trend index, the pair is strongly bearish and trades right on the EMA20 on one-hour timeframe analysis.
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