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18 Sep 2013
USD/JPY grinds to the upside Tuesday but remains stuck between support and resistance
FXstreet.com (Barcelona) - The USD/JPY spent Tuesday pretty much marking time until the big news flow starts up late in Wednesday’s session. The cross remains wedged between support at 98.37 and resistance at 99.97.
USD/JPY traders get to focus all their attention on the Fed on Wednesday
With questions remaining about the fate of the Fed Chairmanship, USD/JPY traders will continue to keep one eye on the news wires for meaningful updates on all things Fed-related. The actual scheduled news flow starts up at around 18:00 GMT with the FOMC’s interest rate decision and widely-anticipated tapering announcement. Perhaps equally important will be Bernanke's press conference at 18:30 GMT.
Technical outlook for USD/JPY
Technicians say the USD/JPY is in the middle of very short-term support at 98.37 and resistance at 99.97. They note that there is little edge to be had by the bulls or the bears until USD/JPY breaks through one of those boundaries.
USD/JPY traders get to focus all their attention on the Fed on Wednesday
With questions remaining about the fate of the Fed Chairmanship, USD/JPY traders will continue to keep one eye on the news wires for meaningful updates on all things Fed-related. The actual scheduled news flow starts up at around 18:00 GMT with the FOMC’s interest rate decision and widely-anticipated tapering announcement. Perhaps equally important will be Bernanke's press conference at 18:30 GMT.
Technical outlook for USD/JPY
Technicians say the USD/JPY is in the middle of very short-term support at 98.37 and resistance at 99.97. They note that there is little edge to be had by the bulls or the bears until USD/JPY breaks through one of those boundaries.