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Forex pairs in this Article » USD/JPY (Athens) - The USD/JPY is trading downwards on Friday’s trading session, but still remains above the crucial 98.00 level.

Asian indices rose, as a possible military strike on Syria appeared less likely. British Prime Minister David Cameron lost a vital parliament vote on Syria, in a move that appeared to all but rule out British involvement in such action. Despite the fact that for the time being, an invasion on Syria doesn’t appear to be imminent, the American dollar pared some of its gains against its Japanese counter-part. Furthermore, Japanese housing orders and construction data, announced much weaker than expected. Also, on Thursday, Japanese inflation rose and unemployment fell. While for most of the countries, a combination of a higher inflation with a bouncing in industrial figures and a solid boost in labor market, could be well imagined as a positive sign, Kit Juckes, analyst in Societe Generale suggest that ‘In terms of trades and views: I want to be long Nikkei and short yen for ever after this morning's data. Inflation rose and unemployment fell, while industrial production bounced. The unemployment/inflation trade-off works far better in Japan than anywhere else. In some countries this kind of data would have a central bank scurrying to reverse policy easing but in Japan, it increases the likelihood that BOJ policy will finally become super-easy. This is very, very good news for yen bears and Nikkei bulls’.

Technical outlook on USD/JPY

At the time of writing, the USD/JPY is trading at 97.90, below 98.00 area, down 0.44%.The Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 97.50, 96.23, 95.75 and resistance at 98.94, 99.14 and 99.43, respectively
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