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27 Aug 2013
USD/JPY tumbles possible US military intervention in Syria
FXstreet.com (Athens) - The USD/JPY is trading sharply on a downtrend pattern on Tuesday, as ‘Syria’s case’ damp investors’ risk appetite.
USD/JPY falls apart on combination of softer durables and escalation in the Syrian conflict
The pair is under highly pressure on Tuesday, as the U.S. vows to hold Syria’s government liable for deadly chemical weapons attacks on its people. What’s more, besides the uncertainty over the geopolitical issues around the globe, traders are more than ever puzzled on when the notorious ‘tapering’ will finally start. As long as US data let down investors, traders might consider that ‘Septaper’ will come ‘later’ than ‘sooner’. Furthermore, we are ahead of German elections and we should also bear in mind the likelihood of the US reaching its debt ceiling by October.
Technical outlook on USD/JPY
At the time of writing, the pair is trading at 98.80 area, down 0.69%. The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 98.00, 97.68, 97.50 and resistance at 98.94, 99.14 and 99.43, respectively.
USD/JPY falls apart on combination of softer durables and escalation in the Syrian conflict
The pair is under highly pressure on Tuesday, as the U.S. vows to hold Syria’s government liable for deadly chemical weapons attacks on its people. What’s more, besides the uncertainty over the geopolitical issues around the globe, traders are more than ever puzzled on when the notorious ‘tapering’ will finally start. As long as US data let down investors, traders might consider that ‘Septaper’ will come ‘later’ than ‘sooner’. Furthermore, we are ahead of German elections and we should also bear in mind the likelihood of the US reaching its debt ceiling by October.
Technical outlook on USD/JPY
At the time of writing, the pair is trading at 98.80 area, down 0.69%. The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 98.00, 97.68, 97.50 and resistance at 98.94, 99.14 and 99.43, respectively.