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Forex pairs in this Article » USD/JPY (Barcelona) - The USD/JPY is hovering and waiting further guidance from the greenback side of things – which will be driven primarily by the tapering conversation in the US this week.

USD/JPY traders to monitor US data for the rest of the day Tuesday

In addition to closely monitoring the wires for any clues as to what may be announced Wednesday by the US Federal Reserve, USD/JPY traders will be watching the following data points out of the US:

• US NAHB Housing Market Index

Technical outlook for USD/JPY

Technicians still 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 currently). Before 94 is anywhere near approached, the first and second levels of support at 102.98 and 101.62 will have to be broken. A close above 103.54 will be needed to change this bearish outlook for the pair and a close above 103.73 will confirm that the more bullish scenario is unfolding.
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